Pham Ngoc Minh (right), newly-elected Vietnam Airlines' Chairman of the Board of Directors and Duong Tri Thanh, the firm's new General Director.

On Tuesday the shareholders of Vietnam Airlines elected additional members of the Board of Management from now to 2020. The shareholders’ meeting unanimously elected Mr. Duong Tri Thanh to the Board of Directors in the 2015-2020 term.

The Board of Directors approved the resignation of Mr. Pham Viet Thanh from the chairmanship of Vietnam Airlines because Thanh will be assigned with new tasks by the Politburo.

Mr. Pham Ngoc Minh, a member of the Board of Directors, will resign from the CEO position to assume the chairmanship while Mr. Duong Tri Thanh will no longer assume the post of deputy general manager to serve as a member of the Board of Directors and the CEO of Vietnam Airlines.

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

The decision will be effective from June 1.

At the meeting, shareholders of Vietnam Airlines agreed on its business plan for 2016 in which the carrier targets carrying about 20.1 million passengers.

The firm also aims to generate $3.5 billion in revenue and $103 million in pre-tax profit this year.

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

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 $852 million in revenue and $48 million 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.

Minh Son