Vietnam Airlines is a shareholder 49% of Cambodia Angkor Air says it is looking to withdraw its stake in the airline .
Cambodia Angkor Air currently owns five A321 aircraft and is said to be in the process of negotiating a new deal. Sale of aircraft and stock to undisclosed buyers.
In its audit report for 2019, Vietnam Airlines said its operating conditions were tough and competition was tight. Local airlines have urged founding partners to make a sales decision.
But the challenge is finding buyers when the airline lands, and Covid-19 shows little sign of short-term decline. 51% of Cambodia Angkor Air is owned by the Cambodian government.
This is yet another setback for Cambodia's aspirations to own its own airline, as previous joint ventures have also failed. Royal Cambodia in 1990. Then it was a joint venture between the Royal Government of Cambodia and Malaysia Airlines, which owns Malaysia Airlines.