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Vietnam
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A surprise return to profit has propelled Vietnam Airlines JSC to become the world’s best performing airline stock this year, shrugging off the risk of bankruptcy as the company’s post-pandemic recovery finally picks up momentum, Bloomberg News reported. The state-owned carrier has rallied 179% so far in 2024, lifted by a rebound in travel demand. That steered the company to post a bumper first quarter profit after more than four years of consecutive losses.
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National carrier Vietnam Airlines JSC is facing the risk of losing liquidity as early as July if the refinancing loan repayment deadline for its government-backed loan is not extended, the government said on Tuesday, Reuters reported. The airline, which received 4 trillion dong ($157 million) in low-cost loans from commercial banks that were refinanced at a zero interest rate by the central bank in 2021, is grappling with financial difficulties due to the impact of the pandemic, the government said in a statement.
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Vietnam's central bank lent another $1.2 billion to ailing Saigon Joint Stock Commercial Bank over the last two months, according to a bank document seen by Reuters, taking the total to $24.5 billion as part of its efforts to rescue depositors. The massive bailout of Saigon Joint Stock Commercial Bank's (SCB) depositors has so far cost the central bank the equivalent of 6% of Vietnam's 2023 gross domestic product in special loans.
A Vietnam court sentenced real estate tycoon Truong My Lan to death for her role in a $12 billion fraud case, underscoring the Communist Party’s determination to crack down on corruption, Bloomberg News reported. Lan, the chairwoman of Van Thinh Phat Group, was arrested in 2022 and eventually faced charges including bribery of government officials and violation of bank lending rules. The main case against her was that she embezzled funds from Saigon Commercial Bank between February 2018 and October 2022.
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Vietnam’s Shipbuilding Industry Corp., which is set to declare bankruptcy in the first quarter, missed out on a recent recovery in ship orders, with only seven currently in its order book, a yard manager says, the Wall Street Journal reported. The company, also known as SBIC, couldn’t compete with bigger rivals in China and South Korea, the manager adds. The shipbuilder’s bankruptcy is inevitable, Minister of Transport Nguyen Xuan Sang said in a meeting with employees.
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