Why was Bamboo Airways' general director temporarily suspended from leaving the country?

Bamboo Airways General Director Luong Hoai Nam (middle) received the appointment decision last year - Photo: QH

The Binh Dinh Provincial Tax Department recently issued a notice to the Immigration Department (Ministry of Public Security) regarding the temporary suspension of exit for Mr. Luong Hoai Nam, General Director of Bamboo Airways.

The decision clearly stated the reason for the temporary suspension of exit because Mr. Luong Hoai Nam is the legal representative of Bamboo Airways Joint Stock Company - a company that is being forced to execute an administrative decision on tax management due to not fulfilling its tax payment obligations.

The temporary suspension of exit begins from September 11, 2024 until the date Bamboo Airways completes its tax payment obligations to the budget.

Regarding this issue, on the afternoon of September 17, Bamboo Airways did not have any official information, but did not deny it either. According to Tuoi Tre Online, Bamboo Airways is planning to pay the tax debt in stages.

Mr. Luong Hoai Nam was appointed General Director of Bamboo Airways since October last year.

Bamboo Airways said the acceptance and appointment of Mr. Nam as General Director of Bamboo Airways was the result of a decision from the new investor.

This is the latest step in the comprehensive restructuring process that the airline is continuing to promote, especially the restructuring of the management and administration apparatus, aiming to stabilize operations, attract quality investment resources, and create opportunities for strong development in the medium term.

Quoting Mr. Nam's speech at the ceremony to receive the assignment, Bamboo Airways said that the new general director aims to bring the fleet size back to 30 aircraft, aiming to increase it to 50 aircraft and more.

According to the latest information announced by Bamboo Airways at the 2024 annual general meeting of shareholders held in Ho Chi Minh City in July 2024, Bamboo Airways' profit after corporate income tax in 2023 was brought to a positive level of VND 236.8 billion compared to a negative level of VND 19,798 billion in 2022.

The company's total liabilities will decrease by about VND2,000 billion in 2023. As of now, Bamboo Airways no longer owes any aircraft rental fees.

Mr. Luong Hoai Nam said that restructuring aviation is very difficult work, but the airline still aims for 2024 to be the last year of business losses.

From 2025, the company will break even and become profitable in the following years. Within 3 years, the company will be listed on the stock exchange.

According to the plan, in 2024, Bamboo Airways will have total revenue of 4,857 billion VND and loss reduced to 1,387 billion VND.

Source: https://tuoitre.vn/tai-sao-tong-giam-doc-bamboo-airways-bi-tam-hoan-xuat-canh-20240917161900693.htm