It will have a charter capital of VND50 billion ($2.17 million), but who will own the remaining 49 percent stake is not known yet.

The board also assigned Ho Ngoc Yen Phuong, deputy general director and CFO, to oversee the incorporation of the company.

At a meeting between Prime Minister Nguyen Xuan Phuc and private businesses in March, Phuong had asked the government and the State Bank of Vietnam for approval for Vietjet to set up the e-wallet subsidiary.

Vietjet has revenues of around $2 billion a year, and collects a lot of it in cash, and so an e-wallet could capture much of that business, the company said.

It said it is developing another application through which it would offer other services such as hotel reservations, car rentals, loans, and others.

According to a recent survey by Visa, 74 percent of Vietnamese expect their cashless transactions to increase in the next 12 months since the acceptance of cashless payments is increasing and carrying cash would no longer be needed.