The private airline expects profits to increase by VND1 trillion ($44.4 million) in 2020, three times higher than last year, CEO Dang Tat Thang said. It is expected the carrier will list on the Ho Chi Minh City bourse in the second quarter this year.

Earlier, Bamboo Airways had planned an initial public offering (IPO) on a Vietnamese stock exchange at VND60,000 ($2.6) per share to raise $100 million. It is now looking to U.S., Japanese and European investors with experience and resources to buy its shares at VND160,000 ($6.9) a pop as part of its 2020 IPO.

Launched in January 2019, the airline is now operating 34 domestic and international routes. It has conducted nearly 20,000 flights to date, recording almost 3 million passengers.

The entry of Bamboo Airways earlier this year has eaten into the market share of national flag carrier Vietnam Airlines and budget carrier Vietjet.

Bamboo Airways hopes to acquire 30 percent of the domestic aviation market next year as it flies 85 routes, 25 of them international. It also plans to operate 100 aircraft by 2025, carrying 50 million passengers annually.