The airline, which begins commercial flights Nov. 1, expects to serve at least 20 million passengers and have annual revenue of about $2 billion by 2030, Chief Executive Officer Nguyen Manh Quan said in an interview in Hanoi. It will leverage parent resort conglomerate Sun Group to offer travel packages as the nation draws more foreign tourists, he said.
“Our focus is on connecting destinations within our ecosystem and attracting more visitors, especially to Phu Quoc island,” Quan said. “Look at places like Phuket, Bali, or Jeju — they’ve all become world-renowned destinations. We want to elevate Phu Quoc to that same international level.”
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Phu Quoc, an island off Vietnam’s southwest coast, is one of the nation’s major tourist attractions.
Sun PhuQuoc is entering a highly competitive and price sensitive market dominated by Vietnam Airlines JSC and budget airline VietJet Aviation JSC, Sobie Aviation analyst Brendan Sobie said.
The new airline will also be up against Bamboo Airways JSC and Vietnam Travel & Marketing Transports JSC, or Vietravel.
“It is not easy to compete against Vietnam Airlines and VietJet groups, which have massive scale and market share,” Sobie said. “Bamboo has struggled and is now much smaller after almost collapsing. Vietravel is still very small.”
In 2020, Qantas Airways Ltd. ended its Jetstar Pacific Airlines venture with Vietnam Airlines. Now called Pacific Airlines, the low-cost carrier temporarily suspended operations last year. It only operates three Airbus A321 aircraft, according to its website.
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Sun Group believes there is room for more domestic airlines in Vietnam, Quan said. “With a population of over 100 million and growing travel demand, there’s still a lot of room for expansion and opportunities in the aviation market.”
Sun PhuQuoc expects to have a fleet of 60 Airbus narrowbody aircraft and 40 Boeing 787-9 and 787-10 jets by the end of 2030, Quan said. The carrier, also known as SPA, received its first Airbus A321 plane as part of an initial eight-plane fleet. The carrier and Vietcombank signed a lending agreement for the purchase of Airbus aircraft, according to the company.
Another challenge may be acquiring planes amid production backlogs at Boeing and Airbus.
Sun Group, which sees the full-service airline as the final piece of its tourism, hospitality and real estate ecosystem, expects the unit to break even in about two years, Quan said.
The private developer has resort and entertainment centers across the country and is investing about $1 billion in the expansion of Phu Quoc International Airport. Its properties include Van Don Airport, luxury real estate, attraction parks, resorts on Phu Quoc island, a cable car in Danang and a $2 billion casino project in the northeastern coastal province of Quang Ninh, the location of UNESCO World Heritage Site Ha Long Bay.
The airline will initially operate domestic routes connecting Phu Quoc island with major cities and others such as Ho Chi Minh City-Hanoi. Next year, Sun PhuQuoc plans to fly to regional destinations such as South Korea, Singapore and Taiwan, Quan said. It aims to expand to Europe and the Middle East in 2027, and eventually the US, he said.
The number of international visitors reached 15.4 million in the first nine months of 2025, up 21.5% from the same period last year, according to government data. Vietnam aims to attract 25 million international tourists this year, a significant jump from its 17.5 million foreign visitors in 2024.
That influx amid more capacity could drive down fares, Sobie said.
“Carving out a profitable niche isn’t so easy given the competition and airport slot constraints,” he said.
