Tin Nghia Express Aviation Joint Venture has been dissolved after just nearly two years of establishment.

Tin Nghia Express was established in August 2019 with charter capital of VND700 billion. The airline’s shareholding structure consists of TID, which contributed VND315 billion (45% of charter capital), the APF Dong Nai Joint Stock Company with VND175 billion (25%), the ICD Bien Hoa - Tin Nghia Logistics Joint Stock Company with VND105 billion (15%) and the Lotus Vietnam Investment Company Limited with VND35 billion (5%).

Le Anh Thien Thu, who contributed VND70 billion to Tin Nghia Express’s charter capital, is the airline’s individual shareholder and general director.

In 2019, Tin Nghia Express leaders said except TID, which had contributed nearly VND3.3 billion, the other parties had not contributed to the airline’s charter capital.

According to the business registration, Tin Nghia Express would be active in the air transportation sector. However, the airline did not have an aircraft fleet, employees or an aviation business certificate.

Aviation is one of the sectors that has been hit hardest by the Covid-19 pandemic. Some international aviation organizations have forecast that the outlook for the aviation market would be brighter in 2021. However, the International Air Transport Association warned that new variants of the coronavirus could hamper recoveries and throw optimistic forecasts into turmoil.

TID, formerly PROSECO, was established in September 1989. At present, the Party Committee of Dong Nai Province holds a 48% stake, while Thanh Thanh Cong Investment Joint Stock Company holds a 27% stake at the company.

TID is active in various segments including industrial infrastructure, real estate, vegetable import and export, oil and gas and logistics. SGT