AirAsia has acquired a 30% equity stake in VietJet Aviation Joint Stock Company (VietJet Air) to establish a Vietnam-based joint venture low-cost airline which will carry the name VietJet AirAsia.

 The Ministry of Transportation of Vietnam approved the share acquisition on 9 February 2010.

VietJet AirAsia will be operating both domestic and international flights and is currently finalizing details regarding routes, frequencies and launch of flights.

The formation of VietJet AirAsia makes Vietnam AirAsia’s fourth country base, following Malaysia, Thailand and Indonesia.

VietJet AirAsia will be tapping the expertise of both AirAsia and VietJet Air for the successful operation and marketing of low-cost flights.

(Source: Asiatraveltip)