Vietjet Announces Five-year Plan to Enable Sustainable Growth
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Vietjet is to embark on a Five-year Plan to enable sustainable growth beginning 2017. The ambitious plan was announced at the Annual Shareholders’ Meeting of the Vietjet Aviation Joint Stock Company in Ho Chi Minh City.
The program, focusing on sustainable development, involves investments in enhancing internal human resources; protecting the environment; carrying out corporate social responsibilities; complementing national tourism development strategy; promoting local economic development; popularizing cultural practices and aviation civilization among passengers and in the community.
In 2017, Vietjet is committed to operating the airline with top priorities on safety and reliability, continuing to innovate and improve service quality and operation efficiency and managing the recently listed company in accordance with international standards and the Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS).
“Vietjet is ready to conquer new heights. I am confident that there is a bright future in the air and Vietjet is making every effort to bring it closer,” said Vietjet Chairwoman Nguyen Thanh Ha.
The meeting also reviewed the operation of the fast growing new-age carrier in 2016, approved the business plan for 2017 as well as the contents related to management and administration.
ACHIEVEMENTS IN 2016
Report of business results in 2016 submitted to the meeting showed that Vietjet achieved positive business results in 2016. The airline operated 84,455 safe flights, recorded high percentage of OTP at 83.57% and of technical reliability at 99.57%, being listed in the top airlines that operate A320/A312 family in the region. Flight operation, ground operation and engineering safety indicators are listed in the group of highest quality airlines in the region. The airline also recorded in 2016 its turnover of 27,499 billion dong (USD1.21 billion), after tax profit of 2,496 billion dong (USD109 million), an increase of 38.6 percent and 113.2 percent respectively compared to 2015, exceeding 3 percent and 9 percent respectively over the target. Earnings per share stood at 9,586 dong (USD0.42).
In 2016, Vietjet received 12 new aircraft, increasing its fleet to 41 aircraft including 30 A320 and 11 A321 aircraft, transporting 14.05 million passengers, an increase of 50.9% compared to 2015, leading the Vietnam domestic market.
Questions & Answers
Q.What are the main areas of focus for Vietjet's new Five-year Plan?
What are the main areas of focus for Vietjet's new Five-year Plan?
The plan focuses on sustainable development through investments in human resources, environmental protection, corporate social responsibility, and complementing national tourism development. It also aims to promote local economic development and cultural practices.
Q.What were Vietjet's key financial results for 2016?
What were Vietjet's key financial results for 2016?
In 2016, Vietjet recorded a turnover of 27,499 billion dong (USD1.21 billion) and an after-tax profit of 2,496 billion dong (USD109 million). These figures represent significant increases over 2015 and exceeded set targets.
Q.How many aircraft did Vietjet add to its fleet in 2016 and what is its current size?
How many aircraft did Vietjet add to its fleet in 2016 and what is its current size?
Vietjet added 12 new aircraft in 2016, bringing its total fleet size to 41 aircraft. This fleet comprises 30 A320 and 11 A321 models.
Q.Which accounting standards will Vietjet follow as a recently listed company?
Which accounting standards will Vietjet follow as a recently listed company?
As a recently listed company, Vietjet will manage its operations in accordance with international standards, the Vietnamese Accounting Standards (VAS), and the International Financial Reporting Standards (IFRS).