Vietnam Airlines to get government bailout
Vietnam’s National assembly has approved a bailout for flag carrier Vietnam Airlines.
It will likely get up to VND12 trillion ($518 million) in funds and will be allowed to sell more shares to existing shareholders to boost cash reserves.
It reported a loss of VND10.75 trillion ($464 million) for the year through September as revenues sunk nearly 60%.
It expects a full year loss of about VND15 trillion.
"Vietnam Airlines is working on a restructuring plan. It will submit the plan to the government soon," said Nguyen Hanh Phuc, Chairman of the Office for the National Assembly.
The plan allows the State Bank of Vietnam to extend credit and the airline will sell about VND8 trillion in new shares.
Existing investors include Japan aviation group ANA Holdings, which itself is set to post its biggest ever annual loss.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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