Five Vietnamese airlines and over 70 foreign carriers from 24 countries were participating in Vietnam’s aviation market as of September end, Civil Aviation Authority of Vietnam (CAAV) statistics show.

National flag carrier Vietnam Airlines held 36.69 percent, Jetstar Pacific, in which Vietnam Airlines has a 70 percent stake, 11.42 percent, budget carrier Vietjet Air, 42.83 percent; Bamboo Airways, which entered the market in January, 5 percent; while Vietnam Air Services Company (VASCO), also owned by Vietnam Airlines, had 4.06 percent.

In Vietnam’s international flights market, Vietnamese carriers held a total 57.8 percent of the market share. The combined share of Vietnam Airlines and Jetstar Pacific, was 23.9 percent, and that of Vietjet, 18.3 percent. Bamboo Airways is yet to operate an international flight.

As of September 2019, Vietnamese carriers were operating around 200 fixed-wing aircraft, nearly double that of August 2014 (102 aircraft). Vietnam Airlines and VASCO own 98 aircraft, Jetstar Pacific 18, Viejtet 70, and Bamboo Airways 10.

According to CAAV, Vietnamese airlines are regularly operating 138 international routes and 50 domestic routes. Vietnam Airlines on its own flies 60 international and 33 domestic routes.

Including foreign airlines, Vietnam’s aviation market served 53.3 million visitors from January to August, up 11.5 percent year-on-year.

A forecast by the International Air Transport Association (IATA) has placed Vietnam among five fastest-growing markets in terms of additional passengers per year, reaching 150 million by 2035.

Meanwhile, with a population of nearly 100 million, Vietnam’s domestic aviation market is projected to grow at an average of 15 percent per year, the IATA said.

Vietnam has six commercial airlines: Vietnam Airlines, Vietjet Air, Jetstar, VASCO, Bamboo Airways, and the latest Vietstar Airlines, which has yet to begin flying. Thien Minh Group, Vietravel Airlines and Vinpearl Air have all applied for licenses.