Vietnam Airlines signs 173.7-mln-USD credit deal with three banks
National flag carrier Vietnam Airlines on July 7 signed a credit deal – worth total of 4 trillion VND (173.7 million USD) – with three commercial banks, which are expected to weather the financial impact of the COVID-19 pandemic.
National flag carrier Vietnam Airlines signs a credit deal – worth total of 4 trillion VND (173.7 million USD) – with three commercial banks on July 7. (Photo: Vietnam Airlines)
Hanoi (VNA) – National flag carrier VietnamAirlines on July 7 signed a credit deal – worth total of 4 trillion VND (173.7million USD) – with three commercial banks, which are expected to weather thefinancial impact of the COVID-19 pandemic.
Under the agreement, the Southeast Asia Commercial JointStock Bank (SeABank), the Vietnam Maritime Commercial Joint Stock Bank (MSB)and the Saigon - Hanoi Commercial Joint Stock Bank (SHB) are committed toproviding the carrier with zero-interest loans refinanced by the State Bank ofVietnam.
Despite the recovery of the domestic aviation market,Vietnam Airlines said, it has lost more than 60 percent of revenue due totravel restrictions and border closures induced by COVID-19.
Last year, the airline posted a revenue of over 40.61trillion VND, down 59 percent from 2019.
The carrier operated around 96,500 flights during theyear, a drop of more than 48 percent as compared to the previous year. Itserved 14.23 million passengers and handled nearly 195,000 tonnes of cargo,decreases of 51 percent and 47 percent, respectively.
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National flag carrier Vietnam Airlines signs a credit deal – worth total of 4 trillion VND (173.7 million USD) – with three commercial banks on July 7. (Photo: Vietnam Airlines)
