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The State Bank will refinance and grant loans to Vietnam Airlines, and at the same time SCIC is designated to participate in the capital increase of this corporation.
According to the recently approved resolution, the National Assembly allows the State Bank to refinance and extend no more than twice with the bank to lend additional capital to Vietnam Airlines for productive and commercial activities.
At the same time, this Corporation will offer additional shares to existing shareholders to increase their capital stock in accordance with the Securities Law, but is exempt from the condition that commercial operations must be profitable in the year prior to the offering. .
The State Capital Investment Corporation (SCIC) will be the unit, on behalf of the Government, to invest in the purchase of shares under the purchase right of the State shareholders by the modality of transfer of the purchase right, and to the same time, allows the determination of The aforementioned investment belongs to Group A projects.
Da Nang airport was empty due to Covid-19. Image: Nguyen Dong.
The National Assembly called for strengthening inspection, auditing and supervision of implementation. Vietnam Airlines is required to continue to have solutions to reduce losses and to pay attention to the interests of employees under the conditions that Covid-19 will not be terminated soon.
Previously, Vietnam Airlines said that 14 official reports were sent to state management agencies and many working sessions with the government to resolve difficulties for companies. The corporation is proposing a VND 12 billion subsidy package, which includes loan refinancing and capital increase.
In the first 9 months of the year, the airline reported a loss of 10.750 billion dong, equivalent to more than 70% of the plan for the year. At the end of September, Vietnam Airlines carried 10.2 million passengers, equivalent to 58.8% in the same period last year. Revenues were only about 24,000 billion VND, equivalent to 41.7% for the same period.
After a slight rebound in the middle of the year, Vietnam Airlines’ third-quarter revenue fell sharply due to the impact of the second wave of outbreaks in late July. Whereas in previous years, these three months used to be the quarter with the highest income. The airline must stop 22 new routes to open the peak summer period.
To ensure liquidity and continued operation, Vietnam Airlines said it will continue to adjust expenses (reducing more than 5.3 billion VND), negotiating debt rescheduling, balancing payments with necessary loans, increasing loans. short term … In addition, taking advantage of idle machines to transport goods from March until now has also contributed more than 1.9 billion VND, with 2,660 flights.
Earlier, the SCIC representative also stated his desire to invest in Vietnam Airlines. To overcome the difficulties, SCIC leaders said that it is not possible to use one-size-fits-all, synchronous solutions in many ways, including capital raising, borrowing, restructuring and debt renegotiation.
Minh Son
