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Vietnam Airlines to issue $346m in shares to support recovery

Company plans to complete process by June 2021 and return to profit by 2023

To support Vietnam Airlines, the government last month approved a plan to buy new shares from the flag carrier through its State Capital Investment Corp.    © Reuters

HANOI (Reuters) -- Flag carrier Vietnam Airlines said on Tuesday it would issue nearly $346 worth of shares for existing stakeholders to boost its recovery from the impacts of the coronavirus pandemic and return to profitability by 2023.

The issuance will be completed by June next year after the carrier received approval from the authorities. All capital raised would pay off outstanding debts, its chairman Dang Ngoc Hoa said at a regular shareholder meeting.

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