The company was first incorporated and licensed as "Air Speed Up" in May 2008. The Vietnamese name "Tăng Tốc", as spelled, means "speed up"; however, if written without accents (i.e. "Tang Toc"), the name would translate to "death and grief". For this reason, the company applied for a name change soon after it was licensed. Initially, company chairman Hà Hùng Dũng planned to purchase the Viet Airways brand owned by Jetstar Pacific Airlines, but Jetstar Pacific declined the sale, citing the desire to develop the Viet Airways brand in the future.