Pham Ngoc Minh (R) was elected as Vietnam Airlines' Chairman of the Board of Directors, while Duong Tri Thanh will be the firm’s new General Director. (Photo: VNA)

Hanoi (VNA) – Shareholders of Vietnam Airlines have agreed on its business plan for 2016 in which the carrier targets carrying about 20.1 million passengers.

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 77.8 trillion VND (3.5 billion USD) in revenue and 2.3 trillion VND (103 million USD) in pre-tax profit this year.

It has earmarked 9.9 trillion VND (444 million USD) 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 percent and 11.6 percent, respectively.

The firm earned over 19 trillion VND (852 million USD) in revenue and 1.07 trillion VND (48 million USD) in pre-tax profit, up 13.3 percent and 32.5 percent, 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 percent stake for about 108 million USD. The deal will be concluded this month.-VNA