The chief executive of Vietnam carrier Bamboo Airways has resigned after just two months on the job.

Carrier chief executive Nguyen Minh Hai has stepped down following his appointment to the role in late May, according to a report in the VN Express news outlet, citing a company statement.

Bamboo Airways E175

Source: Greg Waldron/FlightGlobal

An E190 of Bamboo Airways at Ho Chi Minh City in June 2023

He is to be succeeded by acting chief executive Nguyen Ngoc Trung.

When contacted by FlightGlobal, Bamboo Airways said it “would revert with official information as soon as possible.”

Vietnamese media reports suggest that Bamboo is having a challenging 2023, with local property group Him Lam recently taking over as strategic investor. Japanese investors have also put money into the airline.

The Him Lam move apparently distanced the carrier from former controlling shareholder FLC Group, a property group that has faced significant legal challenges from the Vietnamese government. The company’s then chairman was arrested in 2022 on allegations of stock manipulation, and FLC was delisted from the Ho Chi Minh City Stock Exchange in early 2023.

While Bamboo’s revenue reportedly tripled to VND11.7 trillion ($494 million) in 2022, it suffered a loss of VND3.2 trillion – the highest among Vietnamese carriers.

During its recent annual general meeting, FLC said that it aims to have 30-36 aircraft by the end of 2023 and enjoy a load factor of 81.5%. In mid-2022, the carrier said that aims to reach 100 aircraft by 2028.

In addition to its domestic market, the carrier wants to keep expanding to Europe, Australia, North Asia, and Southeast Asia.

Cirium fleets data indicates that Bamboo has 30 in-service aircraft comprising 22 A320 and A320neo family jets, three Boeing 787-9s, and five Embraer E190s.

Bamboo also has orders for 10 787-9s.