Vietnam Airlines estimates $620 mln loss in 2020, lower than expected

The airline’s 2020 consolidated revenue reached VND42,523 billion ($1.83 billion), exceeding the plan by VND1,937 billion, said Dang Ngoc Hoa, President of Vietnam Airlines.

The parent company's loss was reported at VND12 trillion ($515.5 million), about VND2,420 billion ($104 million) lower than expectation.  

In 2020, Vietnam Airlines operated 96,500 flights, down 48 percent year-on year due to the Covid-19 Covid-19. The airline's passenger output was estimated at over 14 million, cargo was at 195,000 tons, down 51 percent and 47 percent respectively compared to 2019.

In the 2021-2025 period, Vietnam Airlines plans to focus on restoring business activities. The company has implemented a comprehensive restructuring plan, including restructuring capital ownership, restructure assets and portfolios.

The air carrier will also divest part or all of its capital in a number of enterprises in the air transport supply chain to increase income, improve the capital flow, creating capital source for investment and development. It plans to recover its revenue and make profits from 2023.