Three Vietnam-based institutional investors have preliminarily agreed to invest $100 million in VietJet Air as the LCC’s fleet crosses the 100 mark.

The carrier said the infusions would be used to “meet the needs of growth, investment, network expansion, and fleet expansion.” The investment transaction will be completed by the fourth quarter of 2023.

VietJet’s fleet now stands at 103 aircraft, including eight operated by Thai VietJet and two in the process of changing hands from Airbus. The airline’s international network continues to expand further afield, especially to Australia, where it will become the first Vietnamese carrier to launch service to Australia’s five largest cities: Adelaide, Brisbane, Melbourne, Perth and Sydney.

Vietnam received 23.7 million visitors over the first nine months of 2023, with locally based airlines carrying 11.5 million. VietJet said it has a 51% market share of the country’s international carriage.

VietJet’s cargo growth and ancillary turnover maintained its pace, improving 26% year-on-year and contributing to 40% of air transport-related revenue. VietJet said in its third quarter (Q3) earnings report that it has already met 95% of its 2023 revenue target, with consolidated revenue improving 23% year-on-year to VND14.2 trillion ($579 million). The airline’s Q3 consolidated after-tax net profit was VND55 billion, up 30% year-over-year.