At noon on June 29, after the 7th session of the 15th National Assembly closed, Head of the National Assembly Office - General Secretary of the National Assembly Bui Van Cuong chaired a press conference about the session.
The issue of why the National Assembly continues to approve the recapitalization extension for Vietnam Airlines three times is of interest to the press.
Accordingly, the Resolution of the 7th session of the 15th National Assembly, passed at the closing session on the morning of June 29, clearly stated that the National Assembly allows the State Bank to automatically extend the repayment deadline three times for the remaining refinancing balance of credit institutions that are lending to Vietnam Airlines to supplement capital for production and business activities according to the provisions of Resolution 135 of the National Assembly.
The extension period for each time is equal to the first recapitalization period, the total maximum extension period for recapitalization shall not exceed 5 years (including 2 extensions under Resolution No. 135/2020/QH14).
The National Assembly assigned the Government to accelerate the comprehensive restructuring of Vietnam Airlines in accordance with the spirit of Resolution No. 12 dated June 3, 2017 of the 5th Conference of the 12th Party Central Committee on continuing to restructure, innovate and improve the efficiency of State-owned enterprises; clearly identify objective and subjective causes, especially those due to difficulties in legal documents during the process of developing the overall project, and propose timely solutions.
The National Assembly requested the Government to clearly define the responsibilities of agencies and organizations in implementing the commitment before the National Assembly on the effectiveness of the implementation of the refinancing lending solution. Relevant agencies should strengthen inspection, auditing and supervision to ensure that the implementation of the solution is in accordance with regulations.
Previously, according to the Government's report, from July 23, 2021 to December 24, 2021, based on credit contracts signed with credit institutions, Vietnam Airlines completed the use of a loan package with a total value of more than VND 3,999 billion.
The disbursed amount is disbursed by credit institutions based on invoices, documents and paid directly into the supplier's account based on the payment schedule agreed with the suppliers. The credit institutions lending to Vietnam Airlines have been refinanced by the State Bank corresponding to the disbursed value. As of December 31, 2023, Vietnam Airlines has fully paid VND 220 billion in interest to the credit institutions.
According to the provisions of the National Assembly Resolution and credit contracts, from July to December 2024, Vietnam Airlines is obliged to pay the entire principal debt. However, due to the consequences of the Covid-19 pandemic and the continued volatility and risk of the business environment, Vietnam Airlines' financial status in 2024 has not improved as expected.
Responding to the National Assembly's continued approval of the three-time recapitalization extension for Vietnam Airlines, Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, said that this is the best and necessary solution in the current context. However, in the long term, the National Assembly assigned the Government to direct the State Capital Management Committee at Enterprises, relevant agencies and Vietnam Airlines to develop a comprehensive development strategy; urgently complete the overall project of solutions to remove difficulties for Vietnam Airlines to soon recover and develop sustainably.
PHAN THAO
Source: https://www.sggp.org.vn/gia-han-tai-cap-von-3-lan-cho-vietnam-airlines-la-phuong-an-tot-nhat-trong-boi-canh-hien-nay-post746932.html
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