State-owned Vietnam Airlines plans to sell 11 Airbus planes to shore up its finances

Visual from Vietnam Airlines website.

Vietnam Airlines plans to sell 11 Airbus A321 aircraft through an auction, as the Southeast Asian country’s flag carrier struggles with the economic fallout of the coronavirus pandemic.

The airline, which is 86% owned by the government, said in an announcement posted on its website this week that interested buyers could submit bids by June 29.

The auction of the jets, made between 2004 and 2008, is part of the airline’s efforts to rejuvenate its fleet and shore up its financial position during the pandemic, state media cited an unnamed Vietnam Airlines source as saying on Thursday.

The airline did not immediately respond to a request for comment.

The airline reported a net loss of 4.97 trillion dong ($215.68 million) in the first quarter of this year, nearly double the 2.61 trillion dong loss in the first quarter of 2020.

Vietnam‘s Bamboo Airways, owned by property and leisure company FLC Group, is interested in purchasing the newest of the planes offered in the auction, its chief executive officer Dang Tat Thang told Reuters.

“We are operating at full capacity at the moment and seeking to expand our fleet,” Thang said by telephone.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.