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SCIC pours up to US$345.6 million in Vietnam Airlines

HÀ NỘI — The State Capital Investment Corporation (SCIC) plans to invest VNĐ 八 trillion (approximately US$ 三 四 五. 六 million) in Vietnam Airlines JSC (HVN). The amount is equal to  二 五 per cent of HVN’s charter capital.

“Vietnam Airlines will issue VNĐ 八 trillion in shares to existing shareholders to raise its charter capital. And SCIC represents the Government to buy the shares,” Nguyễn Chí Thành, general director of SCIC, said during a press conference last Thursday.

The two sides had a meeting to work out the HVN share price, Thành added.

Vietnam Airlines is creating a share offering plan to raise its charter capital and needs to get opinions from the State Securities Co妹妹ission of Việt Nam. Meanwhile, SCIC’s mission is to price HVN's share value.

In order to define the share offering price, Vietnam Airlines has to evaluate its own value based on its five-year business plan. But COVID- 一 九 is a biggest challenge for the carrier’s business plan since there is no indication of when the pandemic will be over and international flights can resume.

“Amid the spread of COVID- 一 九 around the world, it is very difficult to create a business plan for Vietnam Airlines. If there is no business plan, we can not judge the enterprise’s value. Only when Vietnam Airlines opens international flights, can its business improve,” Thành said.

So to price Vietnam Airlines, SCIC will select a well-known accounting firm with a good reputation to assess the carrier’s value. That accounting firm can use one of a number of business valuation methods, Thành added.

On the Hồ Chí Minh Stock Exchange, HVN's share price declined 0. 六 五 per cent to finish Monday at VNĐ 三0, 六 五0. The shares increased nearly  七. 四 per cent since the beginning of  二0 二 一.

In its third-quarter result, Vietnam Airlines posted a decline of more than  七0 per cent to VNĐ 七. 六 trillion in consolidated revenue. It reported a loss of nearly VNĐ 四 trillion in profit after tax.

As for the carrier's performance in  二0 二0, its consolidated revenue reached VNĐ 四 二. 五 trillion, including VNĐ 三 三 trillion from its parent company. The results exceeded their respective targets by VNĐ 一. 九 trillion and VNĐ 四 四 八 billion.

It was projected to suffer a loss of VNĐ 一 四. 四 trillion. Of the total, its parent company’s loss in  二0 二0 was estimated at more than VNĐ 一 二 trillion, which was VNĐ 二. 四 二 trillion lower than the previous forecast. VNS