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

Three Vietnamese banks have pledged to lend 4t dong ($173.8m) 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. 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. 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 in the first half of this year and was on the brink of bankruptcy.<br/>