Divesting from Cambodia Angkor Air, Vietnam Airlines earns about 35 million USD

Accordingly, the completion of Vietnam Airlines’ transfer of 35% of shares in Cambodia Angkor Air to the receiver is done according to the agreement between the two parties. However, the partner receiving the transfer of 35% of shares from Vietnam Airlines has not been announced yet.

After the transfer is completed, Cambodia Angkor Air is no longer an affiliated company of Vietnam Airlines.

In the Audited Consolidated Financial Statements for 2021, Vietnam Airlines said that on January 3, 2022 and March 29, 2022, Vietnam Airlines received an amount of USD 30 million and USD 4 million, respectively, from investors buy back Vietnam Airlines’ stake in Cambodia Angkor Air.

According to the agreement between the two parties, Vietnam Airlines will complete the terms of the agreement and liquidate the remaining capital contribution (14% remaining capital) of this investment in 2022. No Cambodia has been planned since 2017.

As of December 31, 2021, in addition to affiliated units, Vietnam Airlines has 15 subsidiaries and 4 associated companies. Cambodia Angkor Air is a joint venture between Vietnam Airlines and the Government of Cambodia. This airline was established in 2009, in which Vietnam Airlines contributed 49% capital in the joint venture company.

It is known that Vietnam Airlines plans to increase the frequency of direct flights to the US every day by 2023. At the same time, Vietnam Airlines is studying to open a cargo route between Ho Chi Minh City and Los Angeles.

This is also the information given during the trade – investment – tourism promotion conference between Vietnam and the US in San Francis city within the framework of the official visit of Prime Minister Pham Minh Chinh and the delegation. High-level Vietnamese country to the United States.

Vietnam airlines operates 4 flights per week between San Francisco and Ho Chi Minh City, using modern wide-body aircraft Airbus A350, Boeing 787, with 4-star service quality, towards 5 stars.

Statistics of Vietnam Airlines also show that in the period from the first regular direct flight on November 28, 2021 to now, the total number of Vietnam Airlines passengers transporting two-way between the US and Vietnam has reached more than 15,000. , many flights have occupancy rates above 80%.

In the first four months of 2022, the total volume of goods transported by Vietnam Airlines in two directions between the United States and Vietnam reached nearly 100 tons, an increase of more than 61% compared to the same period in 2019.

To date, Vietnam Airlines provides air transport services on more than 120 routes to more than 20 domestic destinations and 30 international destinations. Owning a modern fleet of more than 100 aircraft, Vietnam Airlines is the first airline in the Asia-Pacific region to operate two new generation aircraft Boeing 787 and Airbus A350 simultaneously.