Word: jetstars
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...Vietnamese government's investment arm, the State Capital Investment Corporation, owns 70% of Jetstar Pacific and Qantas owns 27%, until 2007 the airline was fully owned by the Vietnamese government. In other words, Nam, Freeman and Marsilli lost the state a lot of money after investing in fuel futures when oil prices were escalating in 2008, eventually peaking at $147 a barrel in July, before oil prices slumped to a low of just over $30 in December 2008. But Jetstar Pacific wasn't alone in its fuel-hedging bets; other regional airlines such as Cathay Pacific and Singapore airlines also...
...News of the pair's interrogation and travel-ban was released last week, and Qantas says Vietnam's investigation into Jetstar Pacific could last months, leaving the two Qantas employees stuck in Vietnam indefinitely. One Vietnamese national, the former Jetstar Pacific general director Luong Hoai Nam, was also arrested for "irresponsibility causing serious consequences," according to state media...
...reforms. With spiraling inflation and the global financial crisis taking a bite out of the country's crucial export sector, some say government hardliners have responded by rolling back economic and personal freedoms. Late last year, Vietnam blocked Facebook and Twitter and arrested a number of pro-democracy activists. Jetstar Pacific, as the only joint venture domestic airline in Vietnam, could have become a target for conservatives who resent giving up control to the private sector - especially as Jetstar has increased its market share at the expense of the state-run Vietnamese Airlines. Carl Thayer, a politics professor...
...This week, however, the Civil Aviation Administration of Vietnam (CAAV) has drummed up new charges against Jetstar Pacific, in addition to its investigation of Darsilli and Freeman. On Wednesday, state-media reported that Jetstar Pacific had violated maintenance regulations and concealed broken aircraft parts. A Qantas spokesperson said that at all times the planes had met regulatory requirements and that the CAAV brought up only "quality, not safety concerns." Thayer, however, predicts that Vietnam will try and continue to try to find small oversights to "extort" Qantas like they did ABN AMRO more than three years ago. "They just find...
...Still, Vietnam remains a potentially lucrative growth market that had a stronger than expected showing at the end of 2009, and it remains to be seen if the Jetstar Pacific imbroglio will significantly deter new foreign investors. Even though Communist hardliners have clamped down on some freedoms, the government nonetheless promised in November it would soon allow foreigners to own 49% of local businesses, up from 30%. As Vietnam's Communist Party encourages economic growth without wanting to let go of power, it's only setting itself up for more clashes with foreign partners...