National flag carrier Viet Nam Airlines is seeking strategic partners to sell 20% of the company, it told shareholders at a recent meeting in Hanoi.

The major shareholder meeting was held to select a new management board and have its operation and business plans for 2015 approved.

After a 20% stake of the airline is sold to strategic investors, the government’s share will shrink to 75% from the current 95%.

An Airbus A350 XWB jetliner to be handed over to Vietnam Airlines

Chief Executive Pham Ngoc Minh revealed that the airline is in the process of selecting a foreign strategic investor, but declined to name any specific firm, according to Reuters.

Minh remains the Chief Executive of Viet Nam Airlines, whereas Pham Viet Thanh is the Chairman of the Board of Directors.

Vietnam Airlines raised 51 million USD from selling 3.47% of the company in an initial public offering in November last year. It will operate as a joint stock company starting April 1.

Minh also told Reuters after the meeting that Viet Nam Airlines will list its shares on the local stock exchange by November.

Vietnam Airlines is targeting to serve 16.7 million passengers, and generate a total revenue of 70.1 trillion VND (3.27 billion USD) in 2015, according to the business plan approved at the shareholder meeting.

The carrier is expected to earmark 22.95 trillion VND (1.07 billion USD) for investment this year, up 2.44 times from the 2014 budget. Most of the money will go toward upgrading its fleet and improving service quality.

Viet Nam Airlines has been applying many changes to embrace its becoming a joint-stock company.