Vietnam Airlines may be restructured until the end of 2027

QUốc Huy |

The State Bank is seeking opinions on amending Circular 04/2021, in which it proposed extending the debt restructuring period and keeping the debt group unchanged for Vietnam Airlines for another 3 years.

The State Bank of Vietnam (SBV) is seeking opinions from credit institutions and related enterprises on the draft Circular amending and supplementing a number of articles of Circular No. 04/2021/TT-NHNN on refinancing. The notable content is the proposal to extend the deadline for restructuring the debt repayment period and keeping the debt group for Vietnam Airlines - JSC until December 31, 2027, instead of ending at the end of 2024 as currently prescribed.

According to the draft, based on the proposal of Vietnam Airlines and the assessment of debt repayment capacity after being restructured, credit institutions are allowed to continue to restructure repayment terms for loans of this enterprise. During the restructured period, credit institutions will conduct debt classification and set up risk reserves according to the Prime Minister's Decision on asset classification and risk handling for debts affected by the COVID-19 pandemic.

The summary, acceptance and explanation of opinions shows that credit institutions and Vietnam Airlines all agree with this proposal. Some units such as Vietnam Maritime Commercial Joint Stock Bank (MSB) have proposed that the SBV soon issue a Circular to promptly apply before July 14, 2025, the effective date of the current debt group retention mechanism under Circular No. 42/2024/TT-NHNN.

The draft Circular also amends a number of other technical contents such as the handling process when credit institutions do not repay refinancing debts on time, or the replacement of the phrase " banking Inspection and Supervision Agency" with "Department of Credit institution Management and Supervision" and "State Bank Inspection" in the full text of regulations, in line with the new organizational model of the State Bank.

According to the SBV, this revised Circular will be developed in a shortened procedure, and is expected to take effect at the same time as the Prime Minister's Decision on Vietnam Airlines' debt settlement mechanism in the recovery period after the pandemic.

QUốc Huy
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