ANTD.VN - Bamboo Airways, VietJet Air, Vietnam Airlines, Vietravel Airlines, Pacific Airlines have large overdue debts at ACV. By the end of 2024, many airlines will not be able to pay both the principal and late interest.
The Inspectorate of the Ministry of Finance has just announced the conclusion of the inspection on compliance with the law on finance, accounting and tax obligations at Vietnam Airports Corporation (ACV).
According to the inspection conclusion, in 2023, ACV made efforts to overcome difficulties to maintain production activities, complete production and business plans, stabilize workers' lives, and fulfill obligations to the state budget.
ACV continues to operate effectively, preserve and develop state capital; while focusing resources to accelerate investment in the construction of key and important national projects being implemented; creating a solid foundation for the successful implementation of the 5-year medium-term plan for the period 2021-2025 approved by the State Capital Management Committee at Enterprises.
However, the Inspectorate of the Ministry of Finance also pointed out many shortcomings in the production, business, investment, financial accounting activities... of this enterprise.
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The Ministry of Finance Inspectorate pointed out many shortcomings and limitations in ACV's compliance with financial laws. |
High bad debt ratio
The inspection conclusion showed many problems with ACV's debts, especially receivables. In particular, the Ministry of Finance Inspectorate said that 3 inspected units had not fully reconciled receivables, the amount of which was more than VND 537 billion (accounting for 3.24% of receivables that had to be reconciled).
There were 3 units inspected for generating large overdue receivables, with a total amount of more than 7,413 billion VND (accounting for 41.69% of receivables). This led to the need to set aside nearly 4,178 billion VND in provisions, affecting the efficiency of management and capital use of the enterprise.
Bad or overdue receivables mainly arise from previous years.
The units have applied measures to manage and monitor debts such as reconciliation and confirmation, actively urging payment and offsetting debts, but due to the difficult production and business situation of some partners, they have not yet been able to recover.
Of which, at the parent company - ACV, as of December 31, 2023, domestic airlines have delayed payments of up to VND 5,692 billion. In addition to the parent company - ACV, Tan Son Nhat Airport Services Joint Stock Company (SASCO) also has overdue debt of more than VND 393 billion; Saigon Ground Services Joint Stock Company has overdue debt of VND 119 billion.
Bamboo Airways leads the list of bad debts at the parent company - ACV with a debt of up to VND 2,099 billion as of December 31, 2023, equivalent to 98.44% of total receivables. VietJet owes nearly VND 1,234 billion (41.38% of receivables); Vietnam Airlines owes VND 1,231 billion (67.22%); Pacific Airlines owes VND 839 billion (95.99%); Vietravel Airlines owes VND 244 billion...
According to ACV's report, since the Covid-19 pandemic, many international and domestic flights have had to stop flying, seriously affecting revenue and operating cash flow, thereby affecting the airlines' ability to repay debts.
Since domestic airlines agreed to automatically deduct money, the total cash flow paid by automatic deduction method has averaged VND 761.5 billion per month. In 2023 and 2024, domestic airlines have made efforts to pay off debts to ACV.
However, in addition to paying new debts arising in 2023, 2024 must also pay very large old debts from 2022 and earlier. Therefore, the airlines have not made full and timely payments to ACV.
As a result, from the beginning of 2023 to December 31, 2024, domestic airlines have paid ACV a total amount of VND 16,680 billion.
Accounting for income and expenditure is still inadequate.
According to the audited financial report, the parent company-ACV's sales and service revenue in 2023 is VND 20,105 billion. The profit after tax achieved is VND 8,400 billion.
However, this business still has some problems in accounting for revenue and expenditure.
Specifically, at the time of inspection (December 31, 2024), ACV had not yet collected late payment interest from January 1, 2023 for domestic airlines according to signed contracts and commitments, leading to not yet accounting for increased income for late payment interest.
Specifically, according to the Airport Service Contracts and Service Price Collection Authorization Contracts signed between the Parent Company - ACV and domestic Airlines, Airlines must pay interest on the amount of late payment to ACV.
According to ACV's report, as of December 30, 2024, Bamboo Airways, Pacific Airlines, and Vietravel Airlines have signed contracts to calculate late payment interest but have not been able to pay the principal, so there is no basis to collect late payment interest; at the same time, these airlines have sent documents requesting ACV to waive late payment interest or apply the interest rate of non-term deposits to calculate late payment interest.
ACV said that if applying the highest 1-year corporate deposit interest rate of 1 of the 4 state-owned commercial banks, for Bamboo Airways, Pacific Airlines, Vietravel Airlines that have signed contracts to calculate late payment interest, the late payment penalty interest in 2023 that these airlines must pay to ACV is more than 56.5 billion VND.
If the non-term deposit interest rate is applied, the late payment penalty interest in 2023 that these airlines must pay to ACV is nearly 1.4 billion VND.
Regarding cost accounting, ACV incorrectly recorded an increase in expenses in 2023 of more than VND 22 billion. This led to the business results report missing the above-mentioned profit in 2023. At the same time, ACV also had to adjust and supplement the tax payable to the budget by nearly VND 6 billion based on the incorrectly recorded increase in expenses.
Regarding financial investment management, the inspection results showed that at the end of 2023, ACV had long-term financial investments of VND 2,435 billion, and the profit dividends distributed during the year were nearly VND 340 billion (14% of contributed capital).
Of the 12 businesses that ACV invested in, 9 were profitable. However, 2 businesses were losing money and were at risk of losing capital with a total investment value of 67.5 billion VND...
In addition, the Inspectorate of the Ministry of Finance also pointed out a series of shortcomings in the management, use and exploitation of ACV's aviation infrastructure assets...
Based on the inspection conclusion, the Ministry of Finance Inspectorate has made a series of recommendations for handling measures. Among them, ACV is required to urgently report to the owner's representative agency, complete the plan for additional state capital investment at ACV, and submit it to the Prime Minister for consideration and decision...
Perform reconciliation and full confirmation of receivables and payables; have drastic solutions to recover overdue debts; do not let bad debts arise; urge and collect late payment interest for domestic airlines...
Continue to have production and business solutions to improve investment capital efficiency, preserve and develop state investment capital in ACV and ACV's investment in other enterprises...
Source: https://www.anninhthudo.vn/no-xau-nghin-ty-tai-acv-nhieu-hang-bay-chua-the-tra-ca-goc-va-lai-post605602.antd
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