Vietnam Airport Corporation (ACV) reported to the Ministry of Transport (MOT) on several tasks that need to be implemented to recover the debts of domestic airlines that are violating their payment obligations to the unit.
Specifically, ACV is building 5 criteria for initiating lawsuits, suspending services to violating airlines to seek opinions from competent management agencies on repayment plans for ACV; not implementing the committed repayment plan; having non-loss business results but not repaying debts; having new debts arising in 2023; having a higher outstanding debt than other airlines.
According to ACV’s financial report, as of the end of the fourth quarter of 2023, ACV had a very large receivable debt from Vietnam airlines operating at many airports managed and operated by ACV.
A series of well-known airlines have been classified as bad debts by Vietnam Airport Corporation (ACV). Photo: Nam Khanh
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The airlines and businesses that ACV has classified as bad debts include most of the well-known airlines operating domestically.
In the financial report explanation, ACV said that as of the end of the fourth quarter of 2023, the corporation had short-term receivable debts from airlines, including Vietnam Airlines with over 1,831 billion dong; Vietjet with over 2,981 billion dong; Bamboo Airways with over 2,132 billion dong; Pacific Airlines with over 874 billion dong, and other customers with over 1,103 billion dong. In addition, there are long-term receivable debts from Hoang Long Yen Joint Stock Company with over 2.8 billion dong.
ACV has also set aside provisions for these bad debts. Specifically, for Vietjet, it is over 552 billion dong; Bamboo Airways is over 1,907 billion dong; Vietnam Airlines is over 141 billion dong; Pacific Airlines is over 760 billion dong; Vietravel Airlines is over 246 billion dong; Mekong Aviation Joint Stock Company is over 25 billion dong; Hoang Long Yen Joint Stock Company is over 2.8 billion dong.
According to ACV, by the end of 2023, ACV had to set aside provisions for difficult-to-collect short-term receivable debts of nearly 3,600 billion dong from domestic airlines, accounting for 40% of customer receivables. Among them, the majority of debts arose during the Covid-19 period.
Affirming that in 2023, despite efforts to recover debts, ACV acknowledges that the results of debt collection and repayment plans of domestic airlines have not yet met the requirements, requiring service providers to apply more stringent measures to proceed with the implementation of sanctions against airlines that violate contracts.
N. Huyen
