She was unable to make rent payments on time.
On Monday, a spokesperson said the airline was “restructuring its fleet and route network to increase operational efficiency.”
The budget airline will lease three planes from its parent company, Vietnam Airlines, just enough to meet the minimum requirements for an airline to maintain its license.
It will also share some infrastructure and resources such as check-in counters and ground service vehicles with Vietnam Airlines.
The spokesperson assured that the regular flight schedule would resume soon.
Meanwhile, customers who purchased tickets from the carrier will be informed of the new schedule or transferred to flights operated by Vietnam Airlines.
According to the head of a national airline, it is currently difficult to rent planes due to high global demand, which is driving up prices.
In addition, lessors immediately recover aircraft if lessees are late on payments, unlike during the Covid-19 pandemic, where they showed leniency.
Pacific Airlines’ loss of its entire fleet is likely to make the aviation market more difficult in the coming months, particularly during the peak summer season, when airline capacity may not be sufficient to meet on demand.
Carriers including Vietnam Airlines and VietJet Air are facing a severe aircraft shortage after having to temporarily ground more than 30 A321s, the main aircraft used on domestic routes, for maintenance and engine repairs.
Bamboo Airways has also reduced its fleet by more than half since last year as part of its restructuring.
Vietnamese airlines now have a total of 170 aircraft, up from 230 in 2023.
The shortage has made tickets scarce and expensive, especially during the recent Tet (Lunar New Year) holiday, Feb. 7-15.
Pacific Airlines, established in 1991 as a low-cost airline, has faced many challenges in recent years.
It made profits of tens of billions of dong in 2018-2019, but suffered heavily when the pandemic hit.
In 2022, the airline suffered a loss of nearly 2.1 trillion dong ($84.9 million).
Since Australian airline Qantas sold its stake in Pacific Airlines in 2022, Vietnam Airlines owns 98.8% of the company.
Since then, it has been looking for new investors for the low-cost airline and has attracted a lot of attention.
