A Vietnamese businessman has become the first individual to own a private aircraft in Vietnam, Vietnam News reported on May 12.

Doan Nguyen Duc, chairman of the Hoang Anh Gia Lai Joint Stock Company, paid U$7 million for the U.S.-made Beechcraft King Air 350, Series FL-417, which has a 12-seat capacity.

The plane is scheduled to reach Tan Son Nhat airport in the southern Ho Chi Minh city on May 14, and to be used for business purposes, said the newspaper.

The law on aviation in Vietnam allows private ownership of planes. It also requires that the owner have an aviation license, a licensed air crew and pilot, and approval from the Ministry of Defense to fly within the country, Lai Xuan Thanh, deputy director of Vietnam's Civil Aviation Administration was quoted as saying.