State Capital Investment Corp to inject nearly $294mln into Vietnam Airlines

SCIC’s deputy chief executive Dinh Viet Tung told Vietnam television the information on Tuesday. However, the investment is pending a government decision.

The State broadcaster cited Tung as saying SCIC could invest in the airline by purchasing new shares issued to existing investors.

Vietnam Airlines is 86 percent owned by the government via the Commission for the Management of State Capital at Enterprises, Reuters reported.

Earlier, the airline said it needs a capital of VND12,000 billion to weather the pandemic impacts. Of the amount, VND4,000 billion will be proposed bank loan while the remaining VND8,000 billion will be raised from share issuance.

Last month it reported a net loss of $453 million in the first nine months of this year due to the coronavirus pandemic.