The chief executive officer of Vietnam Airlines has announced the carrier will sell a 8% stake to ANA Holdings Inc., owner of All Nippon Airways.
ANA will pay $109 million for the stake, Pham Ngoc Minh said.
"We chose ANA since they’re a big, prestigious airline with a large market that does not compete with ours. ANA’s experience and strengths will help Vietnam Airlines expand," Minh said, adding that the deal will close by June 2016.
The two airlines could discuss more stake sales in the future, Minh said.
ANA had been eyeing potential investments in Asia airlines for about two years and came close to purchasing a stake in Myanmar’s Asian Wings Airways in 2014.
Last year, Vietnam Air confirmed it was on the lookout for a strategic partner and was willing to give up 20% of its shareholding.
