The center, run by Vietnam’s biggest private conglomerate Vingroup, said Saturday that candidates who are selected will be sent to train at leading flight training institutes in the U.S. and Australia, and will receive additional training at the VinAviation High-tech Human Resources Training School for 26 months.

Students will graduate with CAAV (Vietnamese safety certification), FAA (U.S. certification) or EASA (EU certification) credentials, and will have the opportunity to continue their studies at a university specialized in aviation management, the Vingroup statement said.

Students whose applications are accepted will also be eligible for student loans from banks of up to $50,000 per person, which can be paid off periodically once they start working. Vingroup said it may also provide grants of up to $50,000 or pay off student loan interest for disadvantaged students.

"With training from leading aviation institutes in the U.S. and Australia, we aim to reduce the pilot shortage in Vietnam as well as provide domestic pilots for the global market," said Nguyen Viet Quang, Vice President and General Director of Vingroup.

Last month, Vingroup signed a cooperation agreement with Canada's CAE Inc. to jointly set up the VinAviation High-tech Human Resources Training School and Vinpearl Air Flight Training Center, which expects to churn out 400 aviation personnel a year.

Vietnam is struggling to find enough pilots amid an aviation boom. Figures from the Civil Aviation Authority of Vietnam show that there will be a need for another 1,320 commercial pilots by 2020.

Amid the shortage, new carrier Bamboo Airways began construction of a VND700 billion ($30.21 million) aviation academy last month, with the aim of training 3,500 pilots, attendants, technicians, ground staff, and flight dispatchers every year starting 2021.

On Tuesday, Vietnam’s civil aviation authority granted Bamboo Airways a certificate allowing the carrier to provide aviation-specific training.