HANOI, Nov. 16 (Xinhua) -- Vietnamese major state-run firms Friday officially formed a joint stock company, which is mainly to buy and lease aircraft to sell and re-lease them to national flag carrier Vietnam Airlines and regional airlines.

    The Vietnam Aircraft Leasing Company (VALC), which is set to have chartered capital of at least 200 million U.S. dollars from 2007 to 2014 and at least one billion dollars in the 2015-2025 period, is scheduled to sign here a procurement contract for eight Boeing B787-8 Dreamliners from Boeing Company with the total amount of 1.42 billion U.S. dollars on Friday evening, Pham Ngoc Minh, vice president of Vietnam Airlines and management board chairman of VALC, said at a press conference on Friday.

    VALC offers such services as aircraft procurement and leasing, on-demand air transport, airport business, terminal operation, plane maintenance, and aircraft part for rent. Its target customers include Vietnam Airlines, local joint stock carrier Pacific Airlines, and some regional carriers.

    After signing the contract on purchasing eight Boeing B787-8 Dreamliners, under which the first aircraft will be delivered to VALC in 2016, VALC will ink with Vietnam Airlines an in-principle contract on leasing the eight planes to the national flag carrier. VALC also plans to buy helicopters and short-haul planes to serve its future on-demand air transport services.

    VALC's founding shareholders include the Bank for Industry and Development of Vietnam, Vietnam Airlines, Vinashin Business Group, Vietnam National Oil and Gas Group (Petro Vietnam), and Phong Phu Corporation. VALC is expected to admit foreign shareholders in the2015-2025 period.

    Vietnam Airlines, which is currently operating 46 aircraft, plans to have a fleet of 80 by 2015 and 110 by 2020, Minh said, noting that the carrier "is seeking every possibility to have more modern airplanes to serve the increasing demand of Vietnam's civil aviation industry in general and Vietnam Airlines in particular."

    Vietnam's air industry served nearly 7.2 million domestic and foreign passengers in the first 10 months of this year, posting a year-on-year rise of 16.5 percent. Meanwhile, the industry transported 108,100 cargoes, up four percent, according to the country's General Statistics Office.

    Vietnam's aviation market is expected to annually grow 12-14 percent in the 2006-2010 period, 9-11 percent in the 2010-2015 period, and 10-12 percent in the 2015-2020 period, according to the Civil Aviation Administration of Vietnam.