The setup: investors planning a domestic airline ask “how much legal capital”; a logistics company asks whether a shipping line needs any. Two questions, two different regimes: aviation has tiered minimum equity by fleet size (Decree 208/2026/ND-CP); maritime has none — a guarantee mechanism applies instead.
Aviation: equity by fleet size
The current framework is the Law on Civil Aviation of Vietnam 130/2025/QH15 (passed on 10 December 2025, in force from 1 July 2026, replacing the Law on Civil Aviation 66/2006/QH11 as amended) and Decree 208/2026/ND-CP on air transport (in force from 1 July 2026). Decree 208/2026/ND-CP sets the minimum equity to establish and maintain a commercial air transport business as follows:
- Scheduled commercial air transport: VND 300 billion for a fleet of up to 10 aircraft; VND 600 billion for 11 to 30 aircraft; VND 700 billion for more than 30 aircraft;
- Non-scheduled commercial air transport: VND 100 billion.
The core difference from the old framework: the scheduled tier now turns only on fleet size — there is no longer an international/domestic split. The international/domestic structure that once appeared in Decree 92/2016/ND-CP belongs to the replaced framework; Decree 89/2019/ND-CP, which amended Decree 92/2016/ND-CP, had already dropped that split. Citing the old structure as current law is wrong.
Aviation’s distinctive point: equity is tied to operational safety — the capital condition must be met on establishment and maintained throughout operations, under the supervision of the Civil Aviation Authority of Vietnam, not only at licensing. Growing the fleet beyond the registered tier without equity at the corresponding tier fails the business conditions.
Maritime: no legal capital, a VND 5 billion guarantee
The 2015 Maritime Code sets no legal capital for sea transport business. Instead, Decree 147/2018/ND-CP requires a VND 5 billion bank guarantee — a credit institution standing behind the company’s financial obligations, replacing a locked-in capital figure.
Different policy logic: aviation’s flight-safety risk justifies locking in real capital; shipping uses the more flexible guarantee while still keeping a bank behind the operator’s obligations.
Conclusion: ask the right sector, apply the right regime
Starting an airline: check the equity tier by fleet size and whether the operation is scheduled — scheduled VND 300/600/700 billion by fleet, non-scheduled VND 100 billion; there is no separate international tier any more. Opening a shipping line: no legal capital; arrange the 5 billion guarantee. Both say “transport,” but their capital regimes share nothing.
Frequently asked questions
1. Minimum equity for a scheduled airline?
VND 300/600/700 billion by fleet size: up to 10 aircraft — VND 300 billion; 11 to 30 aircraft — VND 600 billion; more than 30 aircraft — VND 700 billion (Decree 208/2026/ND-CP, in force from 1 July 2026).
2. Does aviation capital distinguish international from domestic services?
No. The current framework (Decree 208/2026/ND-CP) distinguishes only scheduled/non-scheduled operations and fleet size. The international/domestic structure of Decree 92/2016/ND-CP belongs to the replaced framework and no longer applies.
3. Non-scheduled commercial air transport (charter, off-schedule)?
VND 100 billion minimum equity.
4. Does a shipping line need legal capital?
No. The 2015 Maritime Code sets none; a VND 5 billion guarantee applies under Decree 147/2018/ND-CP.
5. What is the 5 billion guarantee?
A credit-institution guarantee backing the company’s financial obligations — in place of locked-in legal capital.
This article has been quality-reviewed by the FLAW AI Legal Council
