Banks pledge loans to help Vietnam Airlines avoid bankruptcy

Banks pledge loans to help Vietnam Airlines avoid bankruptcy

© Reuters. FILE PHOTO: A Vietnam Airlines Airbus A330-200 plane prepares for landing at Noi Bai airport in Hanoi, Vietnam November 21, 2016. REUTERS/Kham/File Photo

HANOI (Reuters) – Three Vietnamese banks have pledged to lend 4 trillion dong ($173.8 million) to Vietnam Airlines to help the troubled flag carrier weather the impact of the pandemic and avoid bankruptcy, local media reported on Monday.

Vietnam Maritime Commercial Joint Stock Bank, Saigon – Hanoi Commercial Joint Stock Bank and SeABank would make the loans later this month and early next month, online newspaper Dan Viet cited the central bank as saying.

Vietnam Airlines did not immediately respond to a Reuters request for comment.

The airline, which is 86% owned by the government, reported a net loss of 4.97 trillion dong in the first quarter of this year

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.

Vietnam Airlines earlier this month said it would sell 11 Airbus A321 aircraft through an auction.

($1 = 23,015 dong)

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