Qantas to exit Vietnam joint venture amid coronavirus slump

Qantas said Monday that it is leaving its joint venture with Vietnam Airlines amid growing headwinds from the coronavirus outbreak. Qantas currently owns 30% of Vietnamese budget carrier Jetstar Pacific Airlines. Sources say the Australian carrier is in talks to sell the entire stake to Vietnam Airlines, which owns roughly 69% of the venture. Jetstar Pacific, Vietnam's second-largest budget carrier with a 15% share in domestic flights, is to be renamed Pacific Airlines. Qantas entered the Vietnamese market in 2007, when it jointly invested with Vietnam Airlines in Jetstar Pacific's state-run predecessor. It has since been increasing its stake in the low-cost carrier, but demand for domestic flights plunged here amid the coronavirus pandemic. Vietnam lifted lockdown measures on April 23, with the economy showing signs of returning to normal. Domestic flights have returned to pre-pandemic levels. <br/>