Vietnam Airlines to raise new capital to overcome Covid-19 losses | News

Vietnam Airlines has confirmed it will difficulty just about US$346 million in new shares to current stakeholders.

The transfer arrives as the flag-provider seeks to accelerate its restoration from the effect of the Covid-19 pandemic and return to profitability by 2023.

The issuance will be finished by June following year.

Vietnam Airlines – regarded as the World’s Major Cultural Airline by voters at the Earth Vacation Awards – acquired approval for the challenge from the authorities before.

All capital lifted will be employed to spend off outstanding money owed, its chairman Dang Ngoc Hoa stated at a normal shareholder meeting.

Thanks to the Covid-19 pandemic, the carrier expected to make losses of all-around US$625 million this calendar year.