Introduction

Vietnam's aviation market is the seventh fastest expanding in the world. Vietnam is
anticipated to have the greatest average growth rate in Southeast Asia between 2016
and 2021, at 17.4%, compared to ASEAN's 6.1% (U.S. companies will find significant
opportunities in Vietnam’s aviation sector., 2020). One of the key factors driving this
development is the rise of low-cost airlines. A very notable business that should be
mentioned and will be discussed is Bamboo Airways.

Bamboo Airways is an FLC Group-owned airline that specializes on 5-star service and
maximizes customers' advantages via innovative goods and various services. Bamboo
Airways launched its first commercial flight on January 16th, 2019, and has since
expanded to other internal routes linking Vietnam's tourism hotspots. (About Bamboo
Airways - Bamboo Airways, n.d.)

Bamboo Airways begins its mission to soar high with its spreaded wings by
collaborating with the world's top aviation companies in order to link the tourism
areas of the S-shaped country and elevate Vietnam's image and people on the
worldwide stage.

The business's vision is focuses on being 5-star oriented. Additionally, Bamboo

Airways stresses the significance of maximizing the customer experience, ensuring
that travellers enjoy the most pleasant and secure journeys possible while flying with
this airline. Bamboo thinks that customer experience is critical to business, and its
employees agree that travel broadens perspectives, builds relationships, and
strengthens economies (Bamboo Airways and the path towards 5-star rating
achievement, n.d.)
Macro environment’s effect on the business and its strategies
PESTEL framework
Political and Legal

The government’s impact on the business is undoubtedly large. Political and Legal
variables share a close connection with each other. Consumer law, safety legislation,
political stability and so on, are all taken into account when operating a business.
Bamboo Airways aims to expand their scope, not only in the domestic market but also
in the international environment. To be able to do this, they have to consider the
political system’s stability. Although Bamboo Airways is not managed by the
government, the firm still has to follow strictly to the laws, for example, customers
have to pay 10% VAT when they buy the tickets, because it is compulsory according
to the government’s rule.

Bamboo Airways inked a partnership deal with Vietnam's capital city, Hanoi, in June
2020, in the presence of the Prime Minister. The business intended to help to the
capital's tourist industry's revival, as well as to the recovery of Vietnam in general,
after the Covid-19 epidemic. According to the cooperation agreement, the two parties
would strengthen cooperation and coordinate efforts to promote tourism to
international tourist markets following the Prime Minister's approval of reopening
international routes to safe areas as announced by the National Steering Committee for
Covid-19 Prevention and Control. Bamboo Airways was committed to participate in
the Plan to Stimulate Domestic Tourism in Hanoi in 2020 for the domestic market.
Indeed, as soon as the Covid-19 crisis was brought under control in Vietnam, Bamboo
Airways deployed a series of synergistic strategies to promote domestic tourist
demand. As one of the core cities with a significant role in the domestic aviation
network, the signing of a strategic cooperation agreement with the Hanoi People's
Committee would act as a catalyst to assist Bamboo Airways in consolidating and
growing its size following the Covid-19 pandemic.

Economic
The private sector, as one of the three primary sectors that comprise the Vietnamese
economy, is thriving and playing a critical role in the current environment. According
to the Ministry of Planning and Investment's 2020 report, the private sector accounts
for 42% of GDP, contributes 30% of government income, and generates 85% of the
economy's employment. By 2030, the private sector is expected to account for 60% of
GDP. Developing new plans and orientations; capitalizing on growth and
development prospects is a critical responsibility for organizations of all sizes and
sectors. Collaborations between enterprises, in particular, are anticipated to generate
chances for the promotion of commercial activity in order to overcome the "frozen"
phase. For example, Bamboo Airways collaborating with Sacombank makes them
strategic partners in investment, production, business, service and so on, utilizing each
corporation’s strengths in relevant fields.

Socio-cultural

According to Nguyen, M. (2022), Vietnam's urban population was roughly 36.6

million people in 2020, with a rate of urbanization of 37. By 2050, it is expected that
the urban population would outnumber the rural population. Not only does
urbanization growth develop, but so does the middle class population, which enhances
the affordability of air travel. Given the high cost of air travel, the increase in the
aforementioned data is a good indicator for the airline business, which is mostly
driven by those with average to high incomes.

As mentioned above, hospitality is a key factor to the success of not only Bamboo
Airways, but any other businesses in the service industry. In order to promote tourism
through air, the enterprise held an event to announce the tour "Journey to discover the
beauty of Nghe An", in which there are 4 routes connecting Vinh city with major
cities, in order to increase the frequency of domestic flights to Vinh. The airport has at
least 20 return flights per day. Through this event, Bamboo Airways hopes to attract
investment and strengthen links between Nghe An and economic, social centers,
cultural and major tourism across the country, because Nghe An is identified as a one
of the key markets in the operation strategy of Bamboo Airways. (Bamboo Airways,
2020).
Environmental

People are becoming more and more aware of environmental issue, therefore the
needs for eco-friendly product and service increases rapidly. According to the
company, Bamboo Airways will continue to eliminate throwaway plastic goods on
existing flights, including local and international routes, with the goal of decreasing
plastic waste to a minimum. According to Duong Thi Mai Hoa, Vice Chairman and
Deputy General Director of Bamboo Airways, the company is a pioneer in
environmental conservation and has long-term intentions to take real efforts against
plastic trash to safeguard the environment. The airline has substituted throwaway
plastic goods with recyclable or biodegradable materials. Plastic products are replaced
with paper cups, paper straws, and bamboo trays, among other things. Nylon bags are
replaced with biodegradable bags, meals are wrapped with parchment paper rather
than nylon food wrap, nylon blanket bags are replaced with nonwoven bags, and tools
such as bamboo straws are made of organically produced materials.

Technological

According to Bamboo Airways in 2019, they officially launched a wireless

entertainment system named Bamboo Sky on aircraft, allowing passengers to
experience the wireless entertainment system from personal devices. Passengers may
use personal devices such as computers, tablets, and cell phones to connect directly to
Bamboo Airways' accessible entertainment collection. Without using the internet,
travellers can still access over 100 interesting films, television shows, and video
games. After a few easy connecting procedures, they may listen to music based on
their preferences throughout the journey. Bamboo Airways was extremely cautious in
selecting its partners to ensure that Bamboo Sky meets the requirements for content
quality and broadcast speed, and chose to collaborate with Touch Aero and Airfi
Aero, two of the world's leading reputable providers of copyright entertainment
content and wireless broadcasting equipment. Bamboo Sky's content will be updated
and enhanced on a constant basis to better fulfil the needs of consumers.

According to British Business Group Vietnam’s report in 2019, Vietnam's aviation

sector is the fastest growing in the Asia - Pacific area, growing at an average rate of
14% between 2018 and 2023, compared to a region-wide rate of 5.5 percent.
However, domestic carriers were reported to fly 126,280 flights in 2021, down 41.7
percent year on year and roughly 60 percent from pre-pandemic levels, according to
the Civil Aviation Authority of Vietnam. Despite the huge loss in revenues, experts
say that the Vietnamese aviation industry has emerged from the depths of the crisis.
Domestic transportation will return to around 70% to 75% of pre-pandemic levels,
while foreign transportation will recover to 25% of pre-pandemic levels. The results
are projected to increase further in the last three months of this year (Việt Nam’s
aviation expected to strongly rebound this year, 2022).

Porter’s Five-Forces Framework

Threat of new entrants: low

To join the aviation business in Vietnam, large financial investment is required, as

also specific knowledge and skill on the part of its participants, which creates an
impediment. Additionally, since the aviation business benefits from economies of
scale, entry hurdles are considerable. It is found that airlines encounter significant
entrance and exit barriers as a consequence of using Porter's Five Forces (Porter
1998), demonstrating that this aspect has a sizable impact. Another barrier that should
be considered is brand value and identity. The industry now has a certain number of
brands and each of them have a considerable number of loyal customers. It is not easy
for a new face to enter the sector and expecting

Threat of substitutes: low to average

Customers in developing nations like Vietnam have the option of traveling by train or
bus, and they often choose these modes of transport owing to their low costs, which
increases the danger of replacements. However, airlines exceed all other modes of
transportation in terms of speed, convenience, and, on occasion, service. Thus, unless
new discoveries displace air travel as the least expensive and most convenient mode
of long-distance travel, the airline sector faces a low to moderate threat from
replacements.
Bargaining power of suppliers: high

The aviation industry's suppliers have considerable leverage for a variety of reasons.
To begin, the sector is controlled by two aircraft manufacturers: Boeing and Airbus.
Second, the sector is driven by aviation fuel, which accounts for about 80% of
operational costs and has a direct impact on the price of each airline ticket. Due to
high fuel costs, airlines have been compelled to reduce between 10% and 20% of
current expenditure on all products, fly more fuel-efficient aircraft, and operate on a
flexible schedule.

Bargaining power of buyers: medium

Although there are many websites, applications that help customers to find and choose
the best deal when they buy tickets, the bargaining power of consumers is considered
to be average. There are not many options when it comes to a low cost airline with
high quality standard. Bamboo Airways is a good decision if buyers want to have
great experience but with reasonable to low cost. Overall, customers’ variation of
choosing is narrow.

Industry Rivalry: high

In the past, Vietnam Airlines used to be the monopoly of airline industry. However, as
time went by, other businesses made their entrance and proved that they can be the
“threats” to Vietnam Airlines. With distinct tactics (full-service vs. low-cost), the
domestic airline business in Vietnam faces stiff competition, necessitating carriers to
maintain significant competitive advantages in order to win the game. Airline
organizations will not stop competing with each other in terms of technology,
facilities, services and so on.

VRIO Framework

- Financial base: According to Vietnam Investment News in 2021, Bamboo

Airways has aggressively created and promptly implemented a number of
solutions to overcome challenges by exploiting the opportunity presented by
the government's drastic and successful pandemic prevention program. The
 airline actively raised cash from important shareholders, including its parent
business FLC Group, to strengthen its financial position. It also worked with
banks and other financial institutions to raise capital and modify the conditions
of its financing. Bamboo Airways has also consistently created workable
business ideas and acquired assets. In 2020, Bamboo Airways recorded total
earnings before taxes of more than VND400 billion ($17.4 billion), an increase
of about 34% from the previous year. This makes the financial base of Bamboo
Airways very valuable, but it is not rare to find corporations raising capitals
and collaborating with banks to overcome financial problems, so the rarity is
not there.
- Human Resource Management: With a fleet of 30 aircraft already in operation,
Bamboo Airways plans to keep growing in the foreseeable future. To actively
assure enough supply of pilots and satisfy the airline's development pace and
orientation, Bamboo Airways continuously recruits and trains pilot trainees in
addition to the pilot recruitment strategy. Up to now, Bamboo Airways has
conducted 7 training courses for experienced pilots with more than 61 trainees.
Under the close training of teachers, 99% of trainees have good results and
more than half have become full-time co-pilots. On March 29, at BAA Training
Vietnam Pilot Training Center (Ho Chi Minh City), Bamboo Airways officially
opened the first training course specializing in Embraer 190 Aircraft Pilot
Trainee and Course specialized training for the second Airbus A320 pilot
student. Through this event, Bamboo Airways has become the first and only
unit in Vietnam to train students to pilot Embraer 190 aircraft up to now, this
clearly marks the value and the rarity in human resource management of the
business. However, other firms with equivalent financial status and popularity
are likely to afford this too, hence there is a chance of being imitated => no
inimitable factor.
- Supply chain: On February 15, 2019, in Sam Son, Thanh Hoa, a strategic
cooperation agreement signing ceremony took place between Bamboo Airways
and Singapore Aviation Technical Services Company - SIA Engineering
(SIAEC). This is a company specializing in providing the world's leading
 aeronautical engineering services, belonging to Singapore Airlines. Under the
agreement, SIAEC will transfer the most modern technologies in flight
management and factory and hangar operation technology to Bamboo Airways.
The mutually agreed opportunities include, but are not limited to, many
ancillary services and activities at airports in Vietnam, or international
destinations operated by Bamboo Airways. In particular, Bamboo Airways can
receive warehousing and logistics support directly by SIAEC or joint ventures
and affiliates. The above services are to ensure high operational safety for
Bamboo Airways' fleet, save maintenance costs and effectively use the
available supplies of both sides. This certainly brings value to the business, the
rarity of supply chain source since it is not common for airlines to get supplied
by a foreign company, which also makes it inimitable and very beneficial for
the organization => all 4 factors are included.
- Brand: Bamboo Airways have always been in the top best airlines in the
country ever since its debut, and it still continues to be popular among
customers, who ask for the most comfortable flying experience. It can be seen
that Bamboo Airways’ name is easily recognized in Vietnam, notable for its
cheap price but very qualified flights facilities. The business’ aim is to reach
standard 5-star model, which is hard to find in any other airline company in
Vietnam. Moreover, the company strikes for the best customer feedbacks after
every flight, and by doing this, the brand’s reputation gets ensured more and
more, helps Bamboo Airways to increase the brand awareness. => all 4 factors
are included.
- Experience: Bamboo Airways is a newbie in the industry, having been
established since 2019, the business’ experience in the field cannot be
compared to that of older companies like Vietnam Airlines or Vietjet Air.
However, after operating for a few years, Bamboo Airways has proven itself to
be a very excellent business and rival against the others, with its intensive
growth in just over a year (from 2019 to 2020). The pandemic occurred in the
late 2019, and Bamboo Airways was anticipated to struggle to survive. Thus,
the business planned to grow very impressively and overcome the obstacles.
 -

Valuable Rare Inimitable Organization Competitive

implications
Resource and Capabilities
Financial Yes No Yes Yes Competitive
base Parity

Human Yes Yes No Yes Competitive

Resource Parity
Management:
Supply chain Yes Yes Yes Yes Sustained
Competitive
Benefit
Core competencies
Brand: Yes Yes Yes Yes Temporary
Competitive
Advantage
Experience No Yes Yes Yes Competitive
Parity

Stakeholder analysis

Stakeholders are organisations and individuals who are directly or indirectly

influenced by the company's outcomes. Depending on the nature of the business, they
may be external or internal persons or groups with the ability to effect or be affected
by results. Stakeholder mapping is recommended for identifying the power and
interest of each stakeholder towards the business in order to better observe each
stakeholder on multiple levels and intensities, comprehending their identity and level
of interest to the business, which can be used to treat each one appropriately.
 Stakeholder mapping

POWER

INTEREST

: shareholders : public/society

: Customers/staffs : government

The map describes the power that stakeholders hold, as can be seen through Power
level (how important they are in making decisions for the company) and the Interest
(how interested they are in the company’s business). From the map, it can be
identified that shareholders have the largest power and also take the greatest interest in
the firm. The shareholders are the chairman of FLC group (who was also the chairman
of Bamboo Airways), who control 90 percent of the company's stock, and other
shareholders, however the chairman and FLC Group are still the two largest
shareholders of Bamboo Airways. Next, customers/staffs is classified as low in power,
but high in interest. It is sure that customers make a great impact on the brand’s
image. Staffs and employees also play an important part in maintaining the company’s
reputation, and they should keep it as positive as possible in order to make the
customers satisfied, therefore bettering the company’s popularity. Community is
categorized as a low-interest, low-power stakeholder. This is especially true for
private airline company like Bamboo Airways. Due to its concentration on investors,
corporate, and individual clients, Bamboo Airways tends to prioritize actions and
choices pertaining to these stakeholders over the community, while still attempting to
meet their needs. Lastly, with government classified as pretty high in both power and
interest, Bamboo Airways should make sure they are satisfied. As a private
corporation, the government can influence the firm through rules and regulations, but
it has no direct influence on the decision-making process. The stakeholder can
influence Bamboo Airways in a variety of ways, but in the end, the government is
only concerned with the execution of the law and the return on their investments, and
has little interest in the company's daily operations.

Bamboo Airway’s strategy analysis

Strategic Goals Analysis

Aims to expand their scope, not only After a long period of lockdown, the
in the domestic market but also in the international flights are now gradually
international environment. allowed to be open again, giving Bamboo
Airways the opportunity to expand their
scope. Bamboo Airways is now a rather
qualified brand in Vietnam, so it is time
they developed their position on the
international market.
Becomes a 5-star airline business Bamboo Airways is known for its cheap
ticket price with high quality facilities,
giving the best flights that customers can
experience (at least, compare to the price
they need to pay). By striving for the title
of 5-star airline business, Bamboo Airways
will be given the chance to serve more and
more customers, attract more business-
 class ones and result in being the best
private airline company in the country.
Maintain their competitiveness in the Flights are getting passengers again, and
domestic market airline businesses have to compete every
day to serve as many customers as they
can, while giving them the best experience
so that customers will keep going back for
more. It is very crucial for Bamboo
Airways to keep their competitiveness in
the domestic market.

The analysis shows that Bamboo Airways have a lot of opportunities to keep pursuing
their goals. However, future challenges and competitors might be expected, and
Bamboo Airways should comprehend and implement right protocol to sustain
competition, broaden their reach, and move closer to the 5-star designation.

Ansoff Matrix
Ansoff Matrix is a framework used to examine and comprehend the improvement and
innovation direction of a corporation. Based on the availability of market and product,
the matrix classifies directions into four distinct categories. These guidelines assist

businesses in identifying the most appropriate approach based on their available

resources, while also taking into account the risks and hazards associated with each.
For Bamboo Airways, Market Penetration and Product Development are the two
crucial direction that should be discussed.

Two of Bamboo Airways' first objectives are to be "the airline with the finest
customer service" and "the airline with the best business lounges," according to the 5-
star plan. Very few airlines in the world have reached 5-star rating, so it is not easy for
Bamboo Airways to achieve the goals, however, appropriate strategic directions can
be made and followed.

- Market penetration: Market penetration is a technique employed by businesses

to enhance their market share. It is typically utilized by airlines to increase their
market share by concentrating on their present markets and product line. When
there is a chance for more expansion in a certain market, market penetration is
determined to be the optimal strategic option (Dale, 2016). Increasing market
 share may involve more aggressive pricing tactics, an increase in supply, or the
introduction of new products and services. Bamboo Airways should consider
trying one of the three ways, which can help acquire more customers and
market shares. The customers that need to be attracted here are those with high
incomes, who are able to afford business lounges, so that Bamboo Airways can
develop the service of business class better to reach the goal. For example, the
business can try introducing new products and services that are exclusively for
business class customers, help raising the number of customers of that
category, and creating a more 5-star image.
- Product development: Implementation of the product development strategy
occurs when a corporation introduces a new or updated product or service to an
existing market. Product development might be a result of a shift in passenger
preferences or a competitive strategy to attract new passengers. This strategy
orientation is one of the most effective methods for competing with others,
particularly through innovation. Interestingly, certain advances in airline
product development can become service standards. As stated in the Market
Penetration part above, the business can introduce new products to approach
the targeted customer groups. Bamboo Airways can provide internet
connection on-board. Prior to a decade ago, on-board Wi-Fi was a pipe dream.
Business travellers who are ready to pay more for this service might be
attracted by the availability of Internet during the entire trip. The Internet can
be free or slightly charged. Even though this product has not yet realized its full
potential, it is anticipated that on-board Wi-Fi will become a standard feature in
the near future, and Bamboo Airways should be the pioneer.

Bamboo Airways will be a hybrid airline - a cross between a low-cost carrier and a
regular airline - which is reported to be a new form of airline not yet present in
Vietnam. Bamboo Airways' innovative model seeks to deliver affordable aviation
services of the highest quality to consumers, allowing them to enjoy the full range of
aviation services not only accessible on high-end airline. The business should keep its
hybrid model and develop the products better to maintain and strengthen its quality
Operating Plan

Bamboo Airway’s strategy is mostly customer-focused. However, they should also

focus on resources and maintaining their position in the domestic market. In the near
future, concentration on technology and human resource is very important too, since
the 4.0 revolution has made a great impact. By re-enforcing these two, the
development of Bamboo is sure to be stable.

Factor Plan
Technology Use Blockchain technology, which could
utilize it to overhaul their maintenance
and safety protocols. Bamboo Airways
would be able to monitor the origin of
every component aboard an airplane, as
well as who touched it and when, so
enhancing security and safety to
unprecedented levels.
Blockchain has the ability to integrate
biometric ID with check-in and luggage
management systems, passport control,
hotels, car rental services, and much
more — enhancing the passenger
experience without compromising
personal data.
 Bamboo Airways should keep up
with the latest technology trend in
the industry so that they can
implement it. Moreover, by
having good knowledge of tech,
they can solve tech problems if
there are any in the existing

Human resources
Domestic market positioning
products and services.
Building and sustaining a strong staff is
one of the human resources department's
most critical responsibilities.
Streamlining and optimizing this
procedure is frequently one of the most
effective strategies to enhance human
resource management. Regularly
analyzing and fixing the recruiting and
interviewing and training process may
aid the human resources department in
hiring candidates that are a good match
for the firm. This can boost both new
and long-term staff retention.
Bamboo Airways needs to make sure
their image can be found easily in public
and a big number of people can
recognize the brand without difficulty.
Moreover, it is essential that the
company improves on the cost of
operation and constantly enforces the
core values.

Conclusion

Bamboo Airways has been one of the most successful airline business in the sector.
Neverthelss, Bamboo Airways must make adjustments in order to remain competitive.
To stay up with the ever-evolving business, the company must comprehend and
follow the trend, as well as make necessary changes.

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