Vietnam’s business aviation sector represents “uncharted territory” where significant risks coexist with exceptional rewards, according to Quang Le, Key Account Manager at the Ho Chi Minh City office of international flight brokerage firm Chapman Freeborn. What should potential investors know about this high-potential market?

From zero to growth: Vietnam’s business aviation development

The evolution of Vietnam’s business aviation market shows remarkable progress compressed into just a few years. “In 2008-2011, when the world was still feeling the ripples of the global financial crisis, private aviation took its first cautious steps in Vietnam,” Le recalls. “Back then, even private flights were operated under a commercial airline AOC, so there were no private jet operators as we know it today. But things have changed significantly since then.”

Transformation came recently and developed rapidly. “It’s not really until five or six years ago, just before the pandemic hit, that we started to have the very first private jet operators that really took off,” Le notes. This development coincided with Vietnam’s economic expansion from 2015, creating conditions for sustained growth.

Despite recent growth, Vietnam’s business aviation market remains small relative to its economic size and population. Le provides specific numbers: “In Vietnam, there are about 10 to 12 private jet aircraft at the moment, and the majority of them are owned privately. Only 3 jets are available for charter flights, and there is huge potential for private charter airlines.”

Two forces driving growth

Le identifies two distinct factors propelling Vietnam’s business aviation potential. First, there’s the rapid development of the local economy, particularly in IT and manufacturing: “The growth of Vietnamese corporations has been very positive. These companies have already realized the benefit of using private flights as a business tool to help them develop their business better and more efficiently. And as you know, they expand not only domestically but also internationally.”

The external factor carries equal weight. “Vietnam has been a focus of many foreign companies who are in the process of shifting their businesses to a country that is both politically stable and rapidly developing, to set up their offices, factories, or simply to open a new market,” Le explains.

In the first half of 2025, Vietnam’s GDP grew 7.52% in the first six months of 2025, its fastest first-half growth rate in the last 15 years. Economic growth, accelerated by global supply chain realignments, positions Vietnam as an important destination for international business travel.

Tourism adds another dimension. “Vietnam has started to attract attention from high-end holiday makers coming to the country to explore this new destination while enjoying all the new ultra-luxury services that the country is offering,” Le notes.

Providing the right capacity is key to growth

Le’s analysis reveals a specific market gap. “This market, at the moment, lacks a couple of aircraft types, especially in terms of mid-size jets,” he explains. “Vietnam really only has heavy jets or ultra-long range, which are expensive to charter to start with.”

This mismatch between available aircraft and market needs creates opportunity. “Having the right product, I think, will definitely generate some new traffic,” he suggests. The need is particularly acute for domestic travel, where corporate travellers require more economical options for rather short trips to visit factories, suppliers and partners.

“An introduction of mid-size jets would significantly reduce the price for short flights that typically last an hour or so. Routes like Ho Chi Minh City to Da Nang or Phu Quoc, which are popular for both business and leisure travel, become prohibitively expensive with only large aircraft available,” Le notes.

Regulatory environment: Progress with room for improvement

The regulatory framework, historically challenging, shows improvement. “A mere 10 years ago there were no local AOCs operating business jets, and all the aviation regulatory environment in Vietnam was built on and around commercial aviation only,” Le explains. “This commercial-focused framework was initially applied to business aviation as well, which meant limited flexibility and increased costs for business jet operators, aircraft owners, and ultimately – passengers.”

Le notes positive changes: “The situation has improved significantly in the past five years. More business jets have been able to locally register and operate in Vietnam, and there are now protocols for private flights at almost all Vietnamese airports.”

Chapman Freeborn’s position in Vietnam

In this uncharted territory, Chapman Freeborn – a company with a history spanning more than 50 years – has established a strategic presence. “I wouldn’t say we’re the earliest to come here, but we came here with a dedicated team in this country, speaking the language, understanding the local market,” Le explains. This local presence provides advantages in a country where relationships and cultural understanding matter.

In its quest to provide the best-in-class services to customers in Vietnam, Chapman Freeborn has strong backing. The company is part of Avia Solutions Group, the world’s largest ACMI (Aircraft, Crew, Maintenance, and Insurance) provider with a fleet of over 200. The Dublin-headquartered group brings substantial resources and expertise to support Chapman Freeborn’s expansion in emerging markets like Vietnam.

His confidence translates to action: “I’m glad that Avia Solutions Group sees potential in Vietnam and the broader Southeast Asia region. The group operates several ACMI airlines, has a strong MRO footprint in Indonesia, and trains pilots in Vietnam. With so many ties, we always have the opportunity to consult with colleagues working in neighboring countries and different fields of the aviation industry.”

Vietnam: A market ready for development

Vietnam’s business aviation sector stands at a critical juncture. With only 10-12 private jets serving an economy of 100 million people, the growth potential is substantial. The combination of expanding domestic corporations, increasing foreign investment, and emerging luxury tourism creates strong demand fundamentals.

Yet this remains genuinely uncharted territory. The lack of mid-sized aircraft, the need for dedicated regulatory frameworks, and limited charter availability all present challenges requiring careful navigation. For companies like Chapman Freeborn, with local expertise and international backing, these challenges represent opportunities to shape a market in its formative stages.

As Le states: “Like I said in the beginning, it’s uncharted waters, but the companies that manage to successfully navigate today may well be positioned to excel in the market and shape it.”