June 15, 2020 / 5:31 AM / a month ago

Qantas budget arm Jetstar plans to exit Jetstar Pacific JV in Vietnam

SYDNEY, June 15 (Reuters) - Qantas Airways Ltd’s low-cost arm Jetstar said on Monday it planned to cease being a shareholder in its Jetstar Pacific joint venture in Vietnam with Vietnam Airlines JSC in coming months, subject to approvals.

Australia-based Jetstar owns 30% of Jetstar Pacific, and Vietnam Airlines holds 70%.

Jetstar CEO Gareth Evans said in a statement his airline had been in talks with Vietnam Airlines for some time about challenges facing Jetstar Pacific that had intensified during the COVID-19 crisis.

Jetstar Pacific will return to its original name, Pacific Airlines pending government and regulatory approvals, the carriers said in a separate joint statement. (Reporting by Jamie Freed; Editing by Tom Hogue)

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