The new airline could also recover its investment in 5-6 years, according to an evaluation report recently submitted to the Prime Minister by the Ministry of Planning and Investment.
The airline will have a total investment of VND4.7 trillion ($202.7 million), of which conglomerate Vingroup will contribute VND1.3 trillion ($56 million), or 28 percent. The remaining will be sourced from loans and other sources.
Vinpearl Air is set to create 500-600 direct jobs when launched and 2,200-2,300 jobs by 2023-2024.
It will pay a corporate income tax of VND1 trillion ($43.1 million) a year in the first five years of operation.
Vinpearl Air plans to start off with six aircraft and increase the fleet to 30 by 2024.
It wants to be based at the Noi Bai International Airport and park its aircraft in Hanoi as well as in other airports in Quang Ninh Province and Hai Phong City in the north, and Da Nang City and Khanh Hoa Province in the central region.
The Ministry of Planning and Investment has said it supports the establishment of the airline, but asked the airline to provide more detailed financial calculations.
Apart from Vinpearl Air, Vietravel Airlines and KiteAir are two other airlines seeking permission to fly this year.
The country now has five commercial airlines: national flag carrier Vietnam Airlines, Jetstar Pacific, Vietjet Air, Bamboo Airways and Vietnam Air Services Company (VASCO).
Airports across Vietnam served near 116 million passengers in 2019, up 12 percent from 2018, according to Airports Corporation of Vietnam (ACV).