VietJet shareholders okay higher foreign cap

Hanoi

VIETJET Aviation Joint Stock Co, which controls almost half of Vietnam's domestic airline market after first taking flight six years ago, has received shareholder approval to increase foreign ownership to meet investor demand in the nation's soaring travel industry.

Shareholders meeting in Ho Chi Minh City agreed to raise the cap on foreign ownership to 49 per cent from 30 per cent as the budget carrier forecasts 2017 profit to rise 36 per cent from US$110 million in 2016, the company said.