The Government has approved a plan to comprehensively restructure the national flagship carrier, Vietnam Airlines, by 2015.
Under the plan, the Government will reduce its stake in the airlinefrom 70-80 percent to 65-70 percent after the company issues its IPOthis year as expected.
This represents a major shift from theinitial draft submitted to the Ministry of Transport last April, inwhich the airline proposed a 70-80 percent stake held by the State.Vietnam Airlines will continue to issue shares to mobilise capital.
According to the Ministry of Transport, the change aimed to bring theairline in line with the country's State-owned enterprises, as otherbusinesses in the transport sector are undergoing similar restructuring.
Apart from the mother corporation, which includes 9 membercompanies, the restructured Vietnam Airlines will consist of 26independently audited companies.
The mother corporation willhold a 100 percent stake in Vietnam Airlines Engineering Company (VAECO)only, while owning half of the registered capital of 14 companies andless than 50 percent of registered capital in the 11 remainingcompanies.
After finishing the restructuring plan, VietnamAirlines will comprise four airlines: the mother corporation, VietnamAir Services Co (VASCO), Jetstar Pacific (a low-cost airline) andCambodia Angkor Air.
By late 2015, Vietnam Airlines is expectedto completely divest its capital from non-core businesses with a viewto improving its business performance.
Revenue from airtransport will reach 43.8 billion USD in the next 8 years with a pre-taxprofit of more than 1 billion USD. By 2015, the national flag carrierwill rank third in the region.
Vietnam Airlines' total annualrevenue reached 50.891 trillion VND (2.4 billion USD) in 2012, surging6.3 percent. The airline also saw profits of 69.8 billion VND (3.3million USD), up 239 percent year on year.
By mid-December, thenational flagship carrier controlled 69.7 percent of the domesticmarket, a yearly decrease of 4.47 percent./.VNA
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