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The national airline finally saw “the light under the tunnel” when yesterday, the National Assembly unanimously accepted the Government’s proposal for solutions to overcome the difficulties of Covid-19.
In the resolution of the 10th session, the 14th National Assembly agreed with 2 options. First, the State Bank of Vietnam refinances and extends no more than 2 times for credit institutions (excluding credit institutions under special control) to lend additional loans to Vietnam Airlines. productive and commercial activities.
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| Vietnam Airlines planes taking off from Alaska brought Vietnamese nationals who flew directly from the US in May 2020. Photo: Ted Stevens Anchorage Airport, Alaska |
At the same time, Vietnam Airlines may offer additional shares to existing shareholders to increase their share capital; The Government assigned State Capital Investment Corporation – SCIC to invest in the purchase of shares of Vietnam Airlines on behalf of the Government to buy shares of Vietnam Airlines under the right to buy shares of state shareholders in the method of transferring the right to buy and allow the identification. The aforementioned investment belongs to Group A projects.
According to the proposal of Vietnam Airlines, the Government as owner of the state capital to support refinancing with the scale of 12,000 billion VND, of which, lending at least 4,000 billion VND in 3 years with preferential interest rate , Issue shares to existing shareholders to increase the capital of the remaining 8 billion dong (through SCIC).
Thus, the package of solutions included in the resolution of the National Assembly is based on mechanisms and policies and does not support money directly from the budget, which helps alleviate concerns about saving or not saving the national airline.
‘Bankruptcy is a crime against the nation’
Many people will ask questions: What about supporting Vietnam Airlines alone to cause inequality and discrimination against other companies that are also suffering the impact of the Covid-19 pandemic?
Economist Nguyen Dinh Cung, a member of the prime minister’s economic advisory group, analyzed: “As the state owner who owns the majority of shares up to 86% of Vietnam Airlines, the government has to take responsibility. responsibility for your investments ”.
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| The VN1 flight crew prior to departure is on a mission to bring Vietnamese citizens home due to the Covid-19 pandemic, May 2020. Photo: VNA |
From its inception until now, Vietnam Airlines has run profitable operations. In the period 2010-2019, this company paid the state budget 44.9 billion VND, of which 30.5 billion VND was in the period 2015-2019 after equitization.
Mr. Cung commented that Vietnam Airlines is a good business, the leading airline in the industry, with good competitiveness. “A good business in such an important industry, why is the government owner to go bankrupt or sell it? Being one is a crime for the country, ”Cung said.
In the absence of solutions to solve the problems of the companies, Vietnam Airlines will lose the solvency that will lead to bankruptcy, causing a series of very important consequences: it will lose all the state capital invested in the companies; Creditors will require government-guaranteed aircraft loans to repay debt on behalf of the government; Domestic commercial banks are unlikely to recover 8,153.5 billion VND in business loans; thousands of workers lose their jobs, negatively affecting the economy and society; The country loses its national airline …
Therefore, the State, as the owner of the state capital of the company, must take measures to protect the safety of its capital and, at the same time, guarantee benefits for other shareholders and employees. economic activity and stability in general.
Own mechanism
Previously, the Government issued a resolution and informed the Politburo about these solutions and concluded: “… agree the policy with the recommendations of the Party Committee of the Party Committee of the State Capital Management Committee in the joint office. Karma; appointed the Government Party Committee and the National Assembly Party Committee to lead the relevant agencies to closely coordinate and soon implement specific solutions, including legal issues to overcome difficulties and support the Corporation. Vietnam will not come out of the crisis, it will absolutely not go bankrupt.
That is why the Government and the National Assembly have created a separate mechanism for the national airline.
Global aviation is expected to still face many difficulties when the epidemic is still breaking out in many countries and countries remain locked in. This year, Vietnam Airlines is expected to have a loss of 14 trillion dong.
It is known that the purpose of using Vietnam Airlines loans is to offset urgent liquidity. To have a source of repayment for this loan, companies will have to restructure productive and commercial activities, restructure assets, liquidate aircraft, and divest capital in some subsidiary companies to have a source of repayment of the debt. In any event, Vietnam Airlines has the responsibility to maintain, preserve and develop such financial resources. Not even SCIC.
In yesterday’s resolution, the National Assembly also requested to strengthen inspection, auditing and oversight to ensure the implementation of the regulations. It is essential to reactivate the national airline in a sustainable way, avoid collapsing, cause loss of capital of the chain.
Your giang
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The policy of placing people in the highest position, ensuring the safety of all Vietnamese citizens returning from epidemic areas has made people believe and understand that “The Motherland never leaves us.”
