This information was announced at the Conference on Summarizing the Emulation and Reward Work in 2024 of Cluster 3 under the State Capital Management Committee at enterprises, held on December 9 at the headquarters of the Vietnam Railways Corporation.
Conference on Summarizing the Results of Cluster 3 in 2024 and Orienting the Tasks for 2025
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Cluster 3 consists of 5 General Corporations in the field of transportation and infrastructure, including: Vietnam Railways Corporation, Vietnam Airlines Corporation (Vietnam Airlines, HVN), Vietnam Maritime Corporation (VIMC, MVN), Vietnam Highway Development and Investment Corporation, and Vietnam Airports Corporation (ACV).
Among them, Vietnam Airlines took the lead in business efficiency. For 2024, the national flag carrier is estimated to have a pre-tax profit of VND 6,264 billion, exceeding the plan by 38.5%, and a revenue of VND 113,577 billion, exceeding the target by 7%.
About to receive huge capital injection
This result marks an important turning point after a series of loss-making years for the national flag carrier.
In another important development, the Board of Directors of Vietnam Airlines decided to organize an extraordinary General Meeting of Shareholders in 2025 on January 21, 2025, with the record date of December 26, 2024.
This move came after the National Assembly passed a resolution in November 2024 to support the airline by allowing it to increase its charter capital by a maximum of VND 22,000 billion through the sale of shares to existing shareholders.
This plan will be carried out in two phases. In the first phase, Vietnam Airlines will increase its charter capital by VND 9,000 billion. The State Capital Investment Corporation (SCIC) will represent the Government in purchasing HVN shares. This is the state shareholder’s right to buy shares through the transfer of purchase rights. In the second phase, the National Assembly approved in principle to allow Vietnam Airlines to further increase its capital by a maximum of VND 13,000 billion, and the Government will transfer the share purchase rights to the enterprise.
In addition, the National Assembly also allowed Pacific Airlines Joint Stock Company (a subsidiary of Vietnam Airlines) to waive penalty fines and late payment interest up to December 31, 2024. However, after this period, the tax authority will calculate late payment charges, urge payment, and apply enforcement measures in accordance with regulations.
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