VietJet Aviation Joint Stock Company (Vietnamese: Công ty Cổ phần Hàng không VietJet), trading as VietJet Air, is a low-cost airline in Vietnam. It was the first privately-owned airline to be established in Vietnam, being granted its initial approval to operate by the Vietnamese Minister of Finance in November 2007. As of its launch in December 2011, it became the second private airline to offer domestic service in Vietnam, as well as the fifth airline overall to offer civil domestic flights. The carrier's launch was beset by long delays attributed to various causes, such as a global economic slowdown and regulatory issues. Although budget carrier AirAsia announced in February 2010 that it planned to purchase a 30% stake in the airline through a joint venture agreement, the carrier later rescinded its plans, citing "a failure to obtain Vietnamese regulatory approvals". Despite the setbacks, VietJet Air's first flight was operated on December 25, 2011, flying from Ho Chi Minh City to Hanoi. As of February 27, 2012, the carrier has operated 360 flights and carried over 40,000 passengers.