Vietnam Airlines outlines measures to bolster financial position

Vietnam Airlines has outlined various support measures to improve its financial position following its losses in 2020. In a filing to the Ho Chi Minh City stock exchange dated 14 April, the flag carrier has disclosed the serious impact of the Covid-19 pandemic on its business and financial performance in 2020, with passenger numbers for the full year declining 45% versus 2019. Vietnam Airlines reports a consolidated after-tax loss of D11.2t ($485m) and an after-tax loss of D8.75t. The consolidated figure includes the mainline carrier, VASCO, Pacific Airlines and affiliate Cambodia Angkor Air. Air transport revenue declined 61% year-on-year. The carrier intends to tap a combination of government support and introduce measures to cut costs in the short-term. Government support policies for Vietnamese carriers amid the pandemic cover the exemption or reduction of taxes, fees and service charges, the carrier highlights.<br/>