Vietnam Airlines targets 20 mln passengers in 2016

The goal was approved at the airline’s annual shareholders meeting held in Hanoi on May 23, a year after it officially became a joint stock company. 

The firm also aims to generate VND77.8 trillion (US$3.5 billion) in revenue and VND2.3 trillion (US$103 million) in pre-tax profit this year.

It has earmarked VND9.9 trillion (US$444 million) for investment with the emphasis on projects that fit its long-term goals and help improve efficiency. 

At the meeting, Pham Ngoc Minh was elected as Chairman of the Board of Directors, replacing Pham Viet Thanh who was appointed Secretary of the Central Businesses Bloc’s Party Committee in April.  Duong Tri Thanh was elected as a member of the Board of Directors and the firm’s General Director. 

Pham Ngoc Minh was Vietnam Airlines General Director from December 2007 while Duong Tri Thanh was deputy general director since October 2008. 

During the first quarter of 2016, Vietnam Airlines operated 34,500 domestic and international flights with more than 4.6 million passengers on board, reflecting a year-on-year increase of 9.3% and 11.6%, respectively. 

The firm earned over VND19 trillion (US$852 million) in revenue and VND1.07 trillion (US$48 million) in pre-tax profit, up 13.3% and 32.5%, respectively, compared to the same period last year. 

The airline has been negotiating with ANA Holdings group of Japan, with ANA set to purchase an 8.77% stake for about US$108 million. The deal will be concluded this month.