PM calls for ‘comprehensive plan’ to revive national flag carrier

Prime Minister Phạm Minh Chính has urged agencies to develop a ‘comprehensive plan’ to tackle the financial challenges faced by lossmaking national flag carrier Vietnam Airlines.
A Vietnam Airlines aircraft seen at Tân Sơn Nhất International Airport in HCM City. — VNS Photo Bồ Xuân Hiêp
A Vietnam Airlines aircraft seen at Tân Sơn Nhất International Airport in HCM City. — VNS Photo Bồ Xuân Hiêp

HCM CITY — Prime Minister Phạm Minh Chính has urged agencies to develop a ‘comprehensive plan’ to tackle the financial challenges faced by lossmaking national flag carrier Vietnam Airlines.

During a recent meeting with the State Capital Investment Corporation (SCIC), which oversees public investment in 19 corporations, the PM asked the SCIC to submit a plan within this month.

Vietnam Airlines reported losses of VNĐ11 trillion ($458 million) in 2022 and VNĐ5.5 trillion last year, resulting in accumulated losses of over VNĐ40 trillion.

While the airline’s business result showed signs of improvement in 2023, its consolidated post-tax profit remained negative at about VNĐ5.5 trillion.

Vietnam Airlines has finalised a restructuring plan, currently awaiting review by shareholders and the Government. This plan includes asset restructuring and the issuance of shares to raise capital.

In addition, the PM has asked the Ministry of Finance to revise a decree on government investment to allow Vietnam Airlines to divest its stake in Pacific Airlines.

In addition to addressing the problems facing the carrier, the Government is also focusing on the operation efficiency of other State-owned corporations.

The PM has called on the National Oil and Gas Group (PetroVietnam) and Vietnam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) to ensure sufficient coal and gas supplies for electricity production as the dry season approaches.

In addition, the PM has requested Việt Nam Electricity (EVN) to make plans to guarantee power supply during the upcoming dry season.

The Ministry of Industry and Trade has been asked to create a proper mechanism for managing petroleum business intermediaries and creating appropriate electricity prices.

The Government will be creating favourable conditions and addressing legal issues related to taxes, land, real estate, and housing in order to facilitate the growth of State-owned corporations, the PM noted.

Source: vietnamnews.vn

See also

Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines is scheduled to launch direct flights from Hanoi and Ho Chi Minh City to Manila, the Philippines, from June 17.
Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance Corporation (MIC) targets to secure a position among the top four non-life insurance markets in 2024, achieving a 33 per cent growth in insurance revenue, a 25 per cent growth in profit compared to 2023, and maintaining a minimum dividend ratio of 10 per cent.
Vietnam a shining example in national brand development

Vietnam a shining example in national brand development

(VEN) - Vietnam has been recognized as a shining example in national brand development, achieving a rapid growth rate in its brand value.
Viettel, VNPT win Vietnam

Viettel, VNPT win Vietnam's first 5G spectrum auctions

The military-run telecom service provider Viettel and the Vietnam Posts and Telecommunications Group (VNPT) have recently won Vietnam's first successful auctions for 5G spectrum licenses, Director General of the Authority of Radio Frequency Management Le Van Tuan told a monthly press conference on April 8.
Vinamilk sets new record revenue this year

Vinamilk sets new record revenue this year

The largest dairy company in Việt Nam targets a revenue of more than VNĐ63.16 trillion (US$2.5 billion) this year.
PVOIL enhances effort to handle ransomware attack at the earliest

PVOIL enhances effort to handle ransomware attack at the earliest

PVOIL and its members will maintain gasoline retail sales to customers to prevent any disruptions in the supply of this essential commodity.

See more news

Vietjet’s air transport revenue hit US$2.16 billion in 2023

Vietjet’s air transport revenue hit US$2.16 billion in 2023

Ancillary and cargo revenue amounted to nearly VNĐ21 trillion, surging over 60 per cent year-on-year or accounting for 39 per cent of the total air transport revenue.
Four investment funds collaborate to reduce carbon emissions in agriculture

Four investment funds collaborate to reduce carbon emissions in agriculture

Alternō secures $1.5M in oversubscribed round, co-led by The Radical Fund and Touchstone Partners, exceeding seed funding target with participation from Antler, Impact Square, and international grants for climate solutions.
HCMC builds sustainable supply chains for Vietnamese goods

HCMC builds sustainable supply chains for Vietnamese goods

(VEN) - The Buy Vietnamese Goods campaign has generated significant effects, contributing to enhancing the competitiveness of Vietnamese goods.
Vietnam Airlines serves as official carrier for Huế Festival 2024

Vietnam Airlines serves as official carrier for Huế Festival 2024

The national flag carrier Vietnam Airlines signed a sponsorship contract worth VNĐ1.2 billion (nearly US$48,600) with the organising board of the Huế Festival 2024 at a ceremony in Huế City of the central province of Thừa Thiên - Huế on Thursday.
Hoan My with a virtual run and free health checks for the community

Hoan My with a virtual run and free health checks for the community

Hoan My Medical Group, Vietnam’s largest private healthcare network, today announced that it is launching a virtual run.
Chu rice noodle taps demanding markets

Chu rice noodle taps demanding markets

(VEN) - “We have just exported more than four tonnes of Chu rice noodle to the UK and in the near future, we expect to export the product to the US” - Dao Thi Huong, Director of the Trai Lam Rice Noodle Production and Trading Cooperative, excitedly shared with us on a busy year-end day with more export orders.
PVN, CIP team up in renewable energy

PVN, CIP team up in renewable energy

Under the MoU, the two firms will share knowledge and information on energy transition from oil and gas to renewable energy, with specific topics such as technology, supply chain, logistics, infrastructure, and technical expertise. They will also explore opportunities for cooperation in developing offshore wind power projects in Việt Nam.
Bamboo Airways maintains stable routes connecting major domestic hubs

Bamboo Airways maintains stable routes connecting major domestic hubs

Starting from April, Bamboo Airways will suspend flights from HCM City and Hà Nội to the popular travel destination Côn Đảo Archipelago off the coast of Bà Rịa-Vũng Tàu Province in southern Việt Nam.
Vietnam Airlines to host IAS 2024 in Hà Nội

Vietnam Airlines to host IAS 2024 in Hà Nội

Vietnam Airlines is honoured to host the International Airline Symposium (IAS) 2024 in the capital city of Hà Nội.
VinFast breaks ground its first integrated EV facility in India

VinFast breaks ground its first integrated EV facility in India

Vietnamese electric vehicle (EV) maker VinFast on February 25 broke ground for its integrated electric vehicle facility in Thoothukudi city, India’s Tamil Nadu state.
View more
Latest Most Read
HCM City promotes economic collaboration with Washington state

HCM City promotes economic collaboration with Washington state

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan hosted a reception on April 11 for Washington State Senator Joseph Nguyen and a delegation from the state.
Banks’ charter capital up,  total asset value down

Banks’ charter capital up, total asset value down

(VEN) - The State Bank of Vietnam’s latest data show that the total charter capital of credit institutions reached more than VND1 quadrillion as of January 31, 2024, an increase of 0.7 percent over the end of 2023. Specifically, state commercial banks reached VND217.882 trillion, equal to the capital they had at the end of 2023; joint-stock commercial banks had VND543.191 trillion, up 0.12 percent from the end of 2023; and joint-venture and foreign banks VND163.165 trillion, the same as that at the end of 2023.
Public investment projects big push for construction materials sector

Public investment projects big push for construction materials sector

The amended Land Law and newly-approved Law on Real Estate Business will positively impact real estate market recovery and facilitate the rebound of the local construction materials market.
A pilgrimage to find inner peace

A pilgrimage to find inner peace

Địa Tạng Phi Lai Pagoda has become a must-visit site for thousands in the past five years, especially during the Lunar New Year festive season. This spiritual tourism destination charms visitors with its majestic yet serene landscape, tranquillity and unique architectural features.
Female artists tell stories in strokes

Female artists tell stories in strokes

The exhibition entitled HerStory: Women in Art features 12 paintings and four sculptures by Nguyễn Thị Hoà, Cristina González, Mai Minh Hằng, Nguyễn Thị Thanh Lưu, Nguyễn Thị Thu Hiền and Alix Aymé.
a pilgrimage to find inner peace

A pilgrimage to find inner peace

Địa Tạng Phi Lai Pagoda has become a must-visit site for thousands in the past five years, especially during the Lunar New Year festive season. This spiritual tourism destination charms visitors with its majestic yet serene landscape, tranquillity and unique architectural features.
experts work to have con moong cave recognised by unesco

Experts work to have Con Moong Cave recognised by UNESCO

The cave has been excavated many times and determined to be the oldest site in the country containing traces of ancient humans from the Paleolithic to the Neolithic period, from about 60,000 years to 7,000 BC.
ha noi sees improved performance in hospitality market

Hà Nội sees improved performance in hospitality market

The average room rate increased by 2 per cent quarter on quarter and 11 per cent year on year. Movenpick Hà Nội (four-star) recently resumed its operation after renovation, which supported this increase.
female artists tell stories in strokes

Female artists tell stories in strokes

The exhibition entitled HerStory: Women in Art features 12 paintings and four sculptures by Nguyễn Thị Hoà, Cristina González, Mai Minh Hằng, Nguyễn Thị Thanh Lưu, Nguyễn Thị Thu Hiền and Alix Aymé.
photo exhibition features vietnamese revolutionary cinema

Photo exhibition features Vietnamese revolutionary cinema

More than 100 photos featuring Vietnamese revolutionary cinema are on displayed on Nguyễn Huệ Pedestrian Street as part of the first Hồ Chí Minh City International Film Festival 2024 from April 6-13.
New decrees contribute to perfecting anti-IUU fishing regulations

New decrees contribute to perfecting anti-IUU fishing regulations

The Ministry of Agriculture and Rural Development held a conference in Hanoi on April 11 to popularise new contents in regulations on illegal, unreported and unregulated (IUU) fishing prevention and combat prescribed in newly-issued legal documents.
Revised land law shows fair policy towards OVs: Ambassador

Revised land law shows fair policy towards OVs: Ambassador

Overseas Vietnamese (OV) are thrilled to hear about new provisions in the Land Law (revised) passed recently by the National Assembly (NA), which demonstrates the attention of the Party, the State, the Government, and the NA in ensuring equal rights between OVs and Vietnamese citizens residing inside the country to purchase and own land use right and houses in their homeland, said Vietnamese Ambassador in Hungary Nguyễn Thị Bích Thảo.
New legal documents in second half of March 2024

New legal documents in second half of March 2024

VEN lists the latest legal documents issued by the Vietnamese Government, ministries and state agencies.
Prime Minister issues directive to enhance cybersecurity

Prime Minister issues directive to enhance cybersecurity

Prime Minister Phạm Minh Chính has recently issued a significant directive aimed at bolstering cybersecurity measures. This directive serves to reinforce prior initiatives undertaken by the Prime Minister to fortify cybersecurity across various sectors and regions.
Dong Nai expands role of industry promotion collaborators

Dong Nai expands role of industry promotion collaborators

(VEN) - With their efficient performance, industry promotion collaborators in the southeastern province of Dong Nai have helped improve industry promotion activities in the region qualitatively and quantitatively.
Leather & footwear industry to increase local content

Leather & footwear industry to increase local content

(VEN) - The leather and footwear industry, a leading exporter of Vietnam, has reached an average export growth of more than 10 percent per year. The sector set a target of increasing its local content rate to 75-80 percent in 2025.
Gia Lai calls for  private investment in IC infrastructure

Gia Lai calls for private investment in IC infrastructure

(VEN) - Thanks to good support policies, industrial clusters (IC) in the Central Highlands province of Gia Lai are attracting many businesses from the private sector in accordance with the set target of the province.
Support centers  give new impetus to industrial development

Support centers give new impetus to industrial development

(VEN) - Building industrial development support centers is a major goal pursued by the Ministry of Industry and Trade (MoIT), local authorities, and businesses.
Government listens to partners, investors

Government listens to partners, investors

(VEN) - At the recent Prime Minister’s meeting with FDI enterprises and Annual Vietnam Business Forum (VBF) held on March 19, 2024, Prime Minister Pham Minh Chinh committed to creating favorable conditions for domestic and foreign investors with the spirit of “harmonious interests, shared risks.”
Vietnam, Latvia enjoy enormous potential for stronger trade, investment links: Ambassador

Vietnam, Latvia enjoy enormous potential for stronger trade, investment links: Ambassador

With good friendship and mutual trust, Vietnam and Latvia hold enormous potential and room for promoting bilateral trade and investment, particularly in such spheres as information technology, agro-forestry-fisheries, pharmaceutical, wood processing, and labour, a diplomat has said.
French businesses interested in Vietnamese market

French businesses interested in Vietnamese market

French enterprises gathered at a recent talk held by the Chamber of Commerce and Industry (CCI) of Nièvre province and the administration of Nevers city to seek investment opportunities and promote economic and trade cooperation with Vietnam.
German businesses to expand presence in Vietnam

German businesses to expand presence in Vietnam

The German Business Association (GBA) announced its 2024 action plan with enthusiasm and groundbreaking commitments. Under the leadership of the newly elected Board of Directors and Chairman, GBA is focusing on enhancing interaction with its members, expanding its presence in the northern region, and driving strategic development initiatives to strengthen the bilateral economic relations between Vietnam and Germany.
Banks’ charter capital up,  total asset value down

Banks’ charter capital up, total asset value down

(VEN) - The State Bank of Vietnam’s latest data show that the total charter capital of credit institutions reached more than VND1 quadrillion as of January 31, 2024, an increase of 0.7 percent over the end of 2023. Specifically, state commercial banks reached VND217.882 trillion, equal to the capital they had at the end of 2023; joint-stock commercial banks had VND543.191 trillion, up 0.12 percent from the end of 2023; and joint-venture and foreign banks VND163.165 trillion, the same as that at the end of 2023.
Tax sector

Tax sector's budget revenue increases by nearly 11% in first quarter

The tax sector’s total state budget revenue in the first quarter of 2024 was estimated at 490.2 trillion VND (19.64 billion USD), equal to 33% of the estimate for the year, and 10.9% higher than the figure of the same period last year, the General Department of Taxation announced on April 9.
Over 163,000 new stock trader accounts created during March

Over 163,000 new stock trader accounts created during March

More than 163,000 new stock trader accounts were created during March this year, an increase of over 50,000 accounts compared to January, marking March the month with the most accounts created in the last six months, according to the Vietnam Securities Depository and Clearing Corporation (VSDC).
Vietnam attends ASEAN’s policy dialogue on finance, banking

Vietnam attends ASEAN’s policy dialogue on finance, banking

A Vietnamese delegation led by Deputy Governor of the State Bank of Vietnam (SBV) Pham Quang Dung attended a policy dialogue between central bank governors of ASEAN countries and financial institutions' Chief Executive Officers on April 4 in Luang Prabang, Laos.
Cô Tô calls for actions to prevent plastic pollution in tourism activities

Cô Tô calls for actions to prevent plastic pollution in tourism activities

Authorities have requested local accommodations and tourism businesses to increase the use of environment-friendly and recycled products
UNEP helps monitor plastic pollution in Vietnam

UNEP helps monitor plastic pollution in Vietnam

The Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) under the Ministry of Natural Resources and Environment and the United Nations Environment Programme (UNEP) are building steps to implement a project on enhancing the capacity of plastic pollution management in Vietnam.
Mekong Delta provinces brace for forest fire threats

Mekong Delta provinces brace for forest fire threats

Many localities in the Cửu Long (Mekong) Delta have raised forest fire warnings because of prolonged dry and hot weather.
Preserving forests is everyone

Preserving forests is everyone's business in Tuyên Quang

Tuyên Quang province has implemented robust mechanisms and policies to effectively harness the potential of its forests. These initiatives have garnered strong support from the local community, leading to improved forest management, protection and development.
Game design degrees expected to boost industry growth

Game design degrees expected to boost industry growth

With the emergence of university-level courses focusing solely on the gaming industry in recent years, Vietnam is looking forward to a growth boost in the industry for digital economy development in the near future.
Vietnam termed a bright spot in R&D field: RoK newspaper

Vietnam termed a bright spot in R&D field: RoK newspaper

Vietnam is seen a next generation workshop and a growing market to become an advanced research and development (R&D) centre, said an article published by Dong-a Ilbo newspaper of the Republic of Korea (RoK).
Over 20 million cyberattack warnings detected in Q1

Over 20 million cyberattack warnings detected in Q1

More than 20 million cyberattack alerts were uncovered in the first quarter of 2024, up 33% year-on-year, Spokesman of the Ministry of Public Security Lieutenant General To An Xo said at the Government’s regular press conference on April 3.
PM orders more efforts to ensure information security

PM orders more efforts to ensure information security

Prime Minister Pham Minh Chinh has signed to issue an official dispatch requesting ministries, sectors and localities to exert efforts to ensure information security, given recent increases in cyberattacks, especially the presence of ransomware.
HCM City boosts partnership with foreign NGOs

HCM City boosts partnership with foreign NGOs

The Ho Chi Minh City Union of Friendship Organisations (HUFO) in coordination with the city's working group for foreign non-governmental organisations (NGOs) held an annual conference with foreign NGOs on April 12 to discuss cooperation orientations for the coming time.
Vietnam sends over 35,900 workers abroad in Q1

Vietnam sends over 35,900 workers abroad in Q1

Vietnam sent more than 35,900 labourers to work abroad under contracts in the first quarter of 2024, according to the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs (MoLISA).
Bến Tre to develop concentrated farming areas, improve produce quality

Bến Tre to develop concentrated farming areas, improve produce quality

Bến Tre Province is restructuring agriculture towards establishing concentrated farming areas to produce high-quality products and improve farmers’ incomes.
PM orders sufficient water for residents during saline intrusion

PM orders sufficient water for residents during saline intrusion

Prime Minister Pham Minh Chinh on April 8 signed an official dispatch asking competent officials to take proactive response to ensuring sufficient fresh water supply for local residents in the Mekong Delta region which has been hard hit by prolonged heat waves and saline intrusion.
Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines is scheduled to launch direct flights from Hanoi and Ho Chi Minh City to Manila, the Philippines, from June 17.
Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance Corporation (MIC) targets to secure a position among the top four non-life insurance markets in 2024, achieving a 33 per cent growth in insurance revenue, a 25 per cent growth in profit compared to 2023, and maintaining a minimum dividend ratio of 10 per cent.
Vietnam a shining example in national brand development

Vietnam a shining example in national brand development

(VEN) - Vietnam has been recognized as a shining example in national brand development, achieving a rapid growth rate in its brand value.
Viettel, VNPT win Vietnam

Viettel, VNPT win Vietnam's first 5G spectrum auctions

The military-run telecom service provider Viettel and the Vietnam Posts and Telecommunications Group (VNPT) have recently won Vietnam's first successful auctions for 5G spectrum licenses, Director General of the Authority of Radio Frequency Management Le Van Tuan told a monthly press conference on April 8.
Female artists tell stories in strokes

Female artists tell stories in strokes

The exhibition entitled HerStory: Women in Art features 12 paintings and four sculptures by Nguyễn Thị Hoà, Cristina González, Mai Minh Hằng, Nguyễn Thị Thanh Lưu, Nguyễn Thị Thu Hiền and Alix Aymé.
Vietnamese bread tops TasteAtlas world

Vietnamese bread tops TasteAtlas world's 100 tastiest sandwiches rankings

Bread was first made popular in Việt Nam by the French since 1859, but a source from the HCM City’s Tourism Department said it could have been present in the country earlier than that, through trade and commerce with Europeans.
Phu Tho launches “Returning to the UNESCO Heritage Site” tour

Phu Tho launches “Returning to the UNESCO Heritage Site” tour

(VEN) - On the occasion of the Hung King’s Death Anniversary and the Hung Temple Festival 2024, Phu Tho Province launched the tour “Returning to the UNESCO Heritage Site.”
Programmes and policies improve Khmer people’s livelihood

Programmes and policies improve Khmer people’s livelihood

The southern province of Sóc Trăng has the highest concentration of Khmer people in Việt Nam, accounting for 30 per cent of their total population. The implementation of the socialisation policy for housing in the locality has achieved positive results, addressing the issue of housing for impoverished Khmer households, while solving social welfare problems and reducing poverty.
A pilgrimage to find inner peace

A pilgrimage to find inner peace

Địa Tạng Phi Lai Pagoda has become a must-visit site for thousands in the past five years, especially during the Lunar New Year festive season. This spiritual tourism destination charms visitors with its majestic yet serene landscape, tranquillity and unique architectural features.
Experts work to have Con Moong Cave recognised by UNESCO

Experts work to have Con Moong Cave recognised by UNESCO

The cave has been excavated many times and determined to be the oldest site in the country containing traces of ancient humans from the Paleolithic to the Neolithic period, from about 60,000 years to 7,000 BC.
Quang Ngai Tourism Week 2024 to take place from April 22 to May 5

Quang Ngai Tourism Week 2024 to take place from April 22 to May 5

The Quang Ngai Tourism Week 2024 will take place from April 22 to May 5.
Hà Nội sees improved performance in hospitality market

Hà Nội sees improved performance in hospitality market

The average room rate increased by 2 per cent quarter on quarter and 11 per cent year on year. Movenpick Hà Nội (four-star) recently resumed its operation after renovation, which supported this increase.
Mobile Version