Airports Corporation of Vietnam suffers from record loss in Q3
The Airports Corporation of Vietnam (ACV) posted a record loss of over 856 billion VND (37.3 million USD) in post-tax profit in the third quarter, blaming the poor performance on impacts of the COVID-19 pandemic.
Planes parked in Hanoi's Noi Bai International Airport (Photo: VNA)
Hanoi (VNA) – The Airports Corporation of Vietnam (ACV) posted a recordloss of over 856 billion VND (37.3 million USD) in post-tax profit in the thirdquarter, blaming the poor performance on impacts of the COVID-19 pandemic.
This is the biggestquarterly loss since the firm’s initial public offering in 2016. That compared tothe loss of over 356 billion VND in Q2 last year, when airlines had to suspendalmost their entire networks.
The net revenue from salesand service provision stood at around 370 billion VND in Q3, down 74.3 percentyear on year. The firm suffered from a loss of more than 1 trillion VND in corebusiness activities, according to its consolidated financial statement.
Although its net revenuedropped strongly under COVID-19 impacts, the ACV has still had to carry outpolicies supporting airlines.
The ACV earned nearly 500 billion VND in profit in the firstnine months of 2021, but the sum plunged by three times from 2020.
By September 30, itstotal asset value had dropped by over 1.5 trillion VND from the start of this yearto 55.36 trillion VND.
The corporation looks togain more than 10.56 trillion VND in revenue and 2.36 trillion VND in pre-taxprofit in 2021. However, after nine months, it had fulfilled just almost 36percent and 26 percent of the respective targets./.
Construction of the expanded Dien Bien airport project is scheduled to begin in December 2021 and finish at the beginning of the fourth quarter of 2023, according to the Airports Corporation of Vietnam (ACV).
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Vietnam Airlines Group, which includes Vietnam Airlines, Pacific Airlines and VASCO, will restore almost all its domestic flight network after October 20, as many localities have eased travel restrictions.
The upgrade of Terminal T2 of Noi Bai International Airport in Hanoi will need more than 4.98 trillion VND (218.5 million USD) so as to raise its annual capacity from 10 million to 15 million passengers, according to the Airports Corporation of Vietnam (ACV).
Construction of passenger terminal T3 of Tan Son Nhat International Airport in Ho Chi Minh City will start in December, according to the Airports Corporation of Vietnam (ACV).
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Planes parked in Hanoi's Noi Bai International Airport (Photo: VNA) 
