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Vietnam's national flag carrier to sell 8.8 pct stake to Japan's ANA

Xinhua, January 12, 2016 Adjust font size:

Vietnam's national flag carrier, Vietnam Airlines (VNA), will sell stakes worth 108 million U.S. dollars to All Nippon Airways (ANA), a Japanese company.

The two companies have signed a document on strategic cooperation, the Vietnam Airlines said in a press release on its website on Tuesday.

"The strategic cooperation will help both sides to exploit and expand international routes and markets," said the Vietnamese airline.

Pham Viet Thanh, chairman of Vietnam Airlines, said in the press release that ANA is considered one of the leading airlines in the region and the world. The cooperation with ANA will help VNA absorb new management technology, expand market, improve service quality, and increase competitiveness.

VNA will later report to the Vietnam's Ministry of Transport and the Vietnamese prime minister to ratify the cooperation agreement. After the ratification, VNA and ANA will continue to sign an agreement over the stake purchase, which is slated in the first quarter of 2016.

According to local media, the volume of stakes to be sold by VNA is 8.8 percent.

VNA is currently conducting 66 flights on 10 routes connecting Vietnam and Japan every week. Meanwhile, the ANA is exploiting 14 flights each week between the two countries.

Vietnam Airlines was established in 1956 when the Vietnam Civil Aviation Department was set up by the Vietnamese government, marking the birth of the civil aviation industry of Vietnam. It kicked off the plan of equitization in 2015.

ANA is the largest aviation group in Japan. It had 234 aircraft and 12,360 employees as of March 31, 2015. Endit