Vietnam Airlines to raise new capital to recover COVID losses

Thursday, December 31, 2020

Vietnam Airlines has recently confirmed that it will issue nearly US$346 million in new shares to existing stakeholders. The move comes as the flag-carrier seeks to accelerate its recovery from the impact of the COVID-19 pandemic and return to profitability by 2023.

The issuance is expected to be completed by June next year. Vietnam Airlines also received approval for the issue from the authorities earlier. Chairman Dang Ngoc Hoa said in a recent shareholder meeting that all capital raised by the carrier will be used to pay off outstanding debts.

The airline already expected to make losses of around US$625 million this year due to the coronavirus pandemic.

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