Indochina Airlines received its licence in mid-2008 and registered to operate eight daily flights on the Hanoi-Ho Chi Minh City and Ho Chi Minh City-Da Nang routes.
The carrier launched its first commercial flight in November 2008 but stopped operations a year later due to financial losses.
The airline was recently sued by the Asia Commercial Bank (ACB) for a debt of US$1.3 million.
Trai Thien Air Cargo, the first specialised carrier in Vietnam providing air cargo transportation services, was established in June 2008 with VND500 billion (US$24 million) in registered capital but, to date, there is no clear evidence indicating the airline will ever take off.
There are so far five air carriers in the Vietnamese air service market including Vietnam Airlines, Jetstar Pacific, Air Mekong, Vasco, and Vietjet Air.
