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Vietnam Airlines holds AGM

Released at: 16:51, 13/03/2015

Vietnam Airlines holds AGM

Important decisions made at first gathering of shareholders.

by Hung Nguyen

The first shareholders meeting of Vietnam Airlines has been held, representing 7,580 owners holding 1,118,610,823 shares, making it an important event post-equitization as the carrier officially transforms into a joint stock company from April 1.

Its business plan for 2015 targets carrying 16.7 million passengers.

Shareholders agreed with its investment plan, which totaled VND22.95 trillion ($1.07 billion), or 2.44 times higher than the plan for 2014.

Investments focus primarily on the purchase of modern aircraft, an important part of the restructuring plan and improving the quality of services so it may reach four-star international standard.


During the IPO conducted last November, Techcombank and Vietcombank purchased a total of 48.3 million shares, equal to more than 3 per cent of charter capital and about 98 per cent of shares offered.

The two banks have representatives on Vietnam Airlines' Management and Supervisory Boards. Mr. Nguyen Xuan Minh, representing Techcombank, will take a position on the Management Board, while Mr. Lai Huu Phuoc, representing Vietcombank, was voted as a member of the Supervisory board.

Mr. Pham Viet Thanh and Mr. Pham Ngoc Minh retain their positions as Chairman and General Director.

The meeting also passed most of the proposals from shareholders, including a resolution on salary structure and a resolution on using the funds raised in the IPO. In particular, the basic salary of the Chairman and General Director will be around VND32-33 million ($1,500- $1,550) per month.

The meeting also approved the next offering of 282 million shares, or 20 per cent of charter capital, to no more than three strategic investors.

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