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Three banks pledge interest-free loans to prop up Vietnam Airlines

Three banks pledge interest-free loans to prop up Vietnam Airlines

Monday, June 21, 2021, 16:17 GMT+7
Three banks pledge interest-free loans to prop up Vietnam Airlines
A Vietnam Airlines Aribus A321-200 plane prepares to land at Noi Bai international airport in Hanoi, Vietnam April 18, 2019. Photo: Reuters

Three Vietnamese banks have pledged to lend 4 trillion dong ($173.8 million) to Vietnam Airlines to help the troubled flag carrier weather the impact of the pandemic and avoid bankruptcy, state media reported on Monday.

Vietnam Maritime Commercial Joint Stock Bank, Saigon - Hanoi Commercial Joint Stock Bank and SeABank would make the interest-free loans this month and early next month, the Lao Dong newspaper cited the central bank as saying.

Vietnam Airlines did not immediately respond to a request for comment.

The report said a plan for Vietnam Airlines to issue new shares to its existing shareholders to raise funds would be ready by year-end.

The airline, which is 86% owned by the government, reported a net loss of 4.97 trillion dong ($215.6 million) in the first quarter.

State media last week cited the Ministry of Planning and Investment as saying the airline would likely make a net loss of 10 trillion dong ($433.8 million) in the first half of this year and was on the brink of bankruptcy.

Vietnam Airlines earlier this month said it would sell 11 Airbus A321 aircraft through an auction.

Reuters

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