Vietravel eyes stake sale in new airline

Vietravel is seeking to sell an unspecified stake in its new airline which began flying earlier this year.

The travel giant will seek shareholders’ approval at the annual general meeting at the end of this month to sell the stake. Vietravel Airlines is wholly owned by Vietravel.

It began operating on several domestic routes amid the Covid-19 pandemic with three aircraft and is not expected to break even for at least a few years.

Last year Vietravel reported a loss of VND90 billion ($3.9 million), twice the profit it earned in 2019.

It made a loss of VND70 billion in the first quarter of this year.

But it targets a pre-tax profit of VND10 billion this year.