HANOI, June 21 (Xinhua) -- Vietnamese real estates giant FLC is going to establish an airline which will frequently fly between Vietnam and East Asian countries.

Bamboo Airways of FLC will operate eight to 10 domestic routes, mainly to coastal cities, in the first two years of operation, and launch international routes, mostly to China, Japan and South Korea, in the third year, the realty group said on Thursday.

Bamboo Airways is scheduled to have a total of 24 domestic routes and 16 international ones by 2023.

According to FLC, which has signed a deal with Airbus to buy 24 A321-Neo planes, Bamboo Airways will offer quality services similar to those of Vietnam Airlines, with charges lower than those of Vietnam's first budget carrier Vietjet Air.

Vietnam currently has four airlines, namely Vietnam Airlines, Vietjet Air, Jetstar Pacific, and Vietnam Air Services Company (VASCO), with national flag carrier Vietnam Airlines and Vietjet Air currently holding the lion's share of the local aviation market.

Earlier, two Vietnamese carriers, Air Mekong and Indochina Airlines, closed after a short period of operating, mainly due to fierce competition and high operation cost.

Vietnam's aviation industry transported 20.3 million passengers in the first five months of this year, up 14 percent, and 112,000 tons of cargoes, up 10.9 percent against the same period last year, said the country's General Statistics Office.