HANOI – Vietnam Airlines has announced postponing its 2020 shareholders’ general meeting set for mid-July until July 28 due to incomplete preparations.

The final date for registering to participate in the meeting was kept unchanged at June 16, said a Vietnam Airlines representative. The national flag carrier is taking action to overcome post-Covid-19 financial difficulties. As of May, Covid-19 had cost 116 global airlines US$190 billion in market capitalization, according to Duong Chi Thanh, general director of Vietnam Airlines. Similarly, Vietnam Airlines saw its international passenger transport plunge by over 99.3% as of May. The carrier’s 2020 total revenue is expected to dip by VND50 trillion, Thanh stated, adding that the airline is predicted to sustain VND15 trillion in losses this year. Although the carrier has adopted various measures, including cutting costs, rearranging personnel and extending payments, the airline is expected to face liquidity shortages in August.

By Lan Nhi