Vietnam Airlines suffers $483 mln loss

By Dat Nguyen February 2, 2021 | 10:31 pm PT

A Vietnam Airlines aircraft lands at Tan Son Nhat International Airport in Ho Chi Minh City in January 2021. Photo by VnExpress/Quynh Tran.

Vietnam Airlines reported a loss of over VND11.1 trillion ($483 million) last year as the Covid-19 pandemic grounded all its international flights.

The figure was lower than its projection in December of over VND12 trillion.

Revenues were down nearly 59 percent to VND40.83 trillion as its total number of flights fell by over 27 percent to 86,978.

The government recently approved a bailout for the carrier, with the State Bank of Vietnam (SBV) allowed to provide a refinanced loan of up to VND4 trillion at zero interest.

Vietnam Airlines also received permission to issue more shares to existing shareholders to increase its capital.

The country’s aviation industry suffered badly last year due to flight restrictions to curb the spread of the novel coronavirus, and the number of air passengers plunged by 41 percent to 32.3 million, according to the General Statistics Office.