The proceeds did not achieve the expectation of the government which plans to invest in the company's Boeing 787 and Airbus 350 fleet and raise its floating capital.
Illustration photo.
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Meanwhile, the transport ministry, which represents the State's stake, earlier announced that it would auction 371.5 million share purchase rights, equivalent to 57.9 million additional shares. Investors who own 100 share purchase rights would buy about 15.57 shares of Vietnam Airlines.
In January 2017, Vietnam Airlines started listing and trading on UPCoM with HVN stock code. The carrier is in the process of accelerating equitization with a target to pare the state ownership to 51% by 2020.
Last year, Vietnam Airlines' total revenue stood at VND88.4 trillion (US$3.9 billion), with pre-tax profit at a record VND2.8 trillion (US$124.4 million), surpassing the annual plan by 72 per cent and 8.3% higher than in 2016.
Vietnam currently has four airlines, including national carrier Vietnam Airlines, budget operator Jetstar Pacific Airlines (partly owned by Vietnam Airlines), budget carrier Vietjet Aviation, and Vietnam Air Services (VASCO).
In 2010-2016, the Vietnamese air transportation market has witnessed a high average growth rate of 14.9% in passenger volume and 10.7% in cargo, informed Vietnam Civil Aviation Administration.
During the first 9 months of 2017, Vietnamese airports have served more than 71.75 million passengers, up 17.9%, and handled 833,000 tons of cargo, up 34.6% compared to the corresponding period in 2016.
A recent World Tourism & Travel Council report showed the tourism industry's contribution to Vietnam's gross domestic product will increase by nearly 90% to US$34.6 billion in 2027 from the US$18.4 billion recorded last year.
