The Government requested the State Capital Management Committee at Enterprises to handle the plan to transfer the Aviation Fuel Company (Skypec) from Vietnam Airlines to PVN.
This content was stated in the conclusion announcement on June 23 of the Government Standing Committee at the working session with the State Capital Management Committee at enterprises and 19 corporations and general companies on production and business.
In particular, the Government Standing Committee requested the State Capital Management Committee at Enterprises to direct Vietnam Airlines Corporation and Vietnam Oil and Gas Group (PVN) to handle the transfer plan of Skypec Aviation Fuel Company Limited from Vietnam Airlines to PVN. This is a task assigned by the Prime Minister to these two corporations in September 2022.
The plan to transfer Skypec to PVN aims to support the restructuring of Vietnam Airlines and develop PVN's capacity in the petroleum production and supply chain. In case of problems beyond its authority, the State Capital Management Committee at Enterprises is required to report to the ministries and propose a solution, and report to Deputy Prime Minister Le Minh Khai before July 15.
Earlier this year, Vietnam Airlines announced that it was inviting consulting units to develop and implement a plan to transfer the airline's capital at Skypec. This move is one of the airline's own efforts to partly overcome financial difficulties such as negative equity and accumulated losses of tens of thousands of billions of VND.
Skypec tanker refuels Vietnam Airlines plane. Photo: Skypec
Skypec has a charter capital of VND800 billion, wholly owned by Vietnam Airlines. With a capacity of over 220,000 m3, Skypec owns a system of upstream warehouses at major seaports and airport warehouses at 18 civil airports nationwide. The company is capable of serving over 214,000 flights with a total annual output of over 2 million tons per year. Before the pandemic, Skypec was one of Vietnam Airlines' "golden goose".
This enterprise and Petrolimex Aviation are currently the two main aviation fuel suppliers in the domestic market. In addition, the domestic aviation fuel business market also includes Tan Son Nhat Petroleum Trading Joint Stock Company (Tapetco), in which Sasco holds 38% of shares, and Noi Bai Aviation Fuel Services Joint Stock Company (NAFSC). However, the supply output of both of these units is quite low compared to the two giants mentioned above.
According to the conclusion announcement , the Government Standing Committee requested Vietnam Airlines to comply with competition laws, review and complete the restructuring plan, ensure efficiency, reduce costs, and not let the current situation of large losses continue.
In 2021, the company's gross loss was about VND10,000 billion, but last year it decreased to a negative VND2,625 billion, thanks to revenue recovering to 70% of pre-pandemic levels.
In addition to Vietnam Airlines, the Government also "urged" the Capital Management Committee to "not delay any further" in approving the restructuring project of corporations and general companies for the 2021-2025 period; the 5-year investment, development and production and business strategies of corporations and general companies in July.
The capital representative agency at State-owned enterprises also needs to thoroughly and promptly handle the recommendations of corporations and general companies and periodically report on the handling and removal of difficulties every quarter to the Government.
"The State Capital Management Committee at Enterprises must be more drastic and timely, properly performing its functions and tasks as a specialized agency representing the owner to effectively handle tasks, especially investment and development of 19 corporations and general companies," the conclusion stated.
In the first five months of the year, 19 corporations and general companies recorded a total revenue of more than VND531,200 billion, equal to 50% of the annual plan and an increase of 3% over the same period in 2022. The corporations paid VND71,700 billion to the budget. Pre-tax profit was about VND32,200 billion, of which 1/3 of the units had increased profits compared to the same period.
Source link
Comment (0)