VietJet Aviation Joint Stock Company (), trading as VietJet Air (or simply Vietjet), is an international low-cost airline from Vietnam. It was the first privately-owned new-age airline to be established in Vietnam, being granted its initial approval to operate by the Vietnamese Minister of Finance in November 2007. As of its launch in December 2011, it became the second private airline to offer domestic service in Vietnam, as well as the fifth airline overall to offer civil domestic flights. VietJet Air is owned by Sovico Holdings, HDBank, other organisational investors, and individual stakeholders. The carrier's launch was beset by long delays attributed to various causes, such as a global economic slowdown and regulatory issues. Despite the setbacks, VietJet Air's first flight was operated on 25 December 2011, flying from Ho Chi Minh City to Hanoi. The carrier carried its 10 millionth passenger in December 2014, and the 25 millionth passenger in December 2015. History Foundation delays The airline has its head office in the Vạn Phúc Diplomatic Corps in Ba Đình district, Hanoi It was the first privately-owned airline to be established in Vietnam, and as of its launch in December 2011, it became the second private airline (after Air Mekong) to offer domestic service in Vietnam, as well as the fifth airline overall not counting Indochina Airlines, which ceased operations in November 2009 to offer civil domestic flights, after Vietnam Airlines, Pacific Airlines, Air Mekong and the Vietnam Air Service Company (VASCO). In its initial plan, the Hanoi-based airline stated its intention to offer flights to Ho Chi Minh City and Da Nang, gradually expanding its network to include other Asian destinations, such as Hong Kong, Bangkok, Singapore, and cities in southern China. The airline's president and CEO is Nguyen Thi Phuong Thao from December 2011. Initially, VietJet had shown the intention to commence flights in late 2008 or early 2009. Throughout the next few years, the expected launch date was repeatedly pushed back, first to late 2009, then mid-2010. Airline officials gave different reasons for the delays, including increased fuel prices and other financial problems, as well as unresolved branding conflicts with the Civil Aviation Administration of Vietnam (CAAV). Although Malaysian budget carrier AirAsia announced in February 2010 that it planned to purchase a 30% stake in the airline through a joint venture agreement, the carrier rescinded its plans in October 2011, citing "a failure to obtain Vietnamese