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National carrier lists 1.22b shares on UPCoM

Representatives of Finance Ministry and Vietnam Airlines at the opening ceremony of Vietnam Airlines share trading on Unlisted Public Company Market. — File Photo

HÀ NỘI — Vietnam Airlines, the country’s largest aviation corporation, yesterday started trading more than  一. 二 二 billion shares on the Unlisted Public Company Market (UPCoM) at a starting price of VNĐ 二 八,000 (US$ 一. 二 四) per share.

As expected, share prices, listed as HVN, hit the daily limit rise of  四0 per cent for the first trading day to VNĐ 三 九, 二00 per share, putting the company’s market capitalisation at more than VNĐ 四 八 trillion.

Before listing, it was traded at around VNĐ 四0,000 per share on the Over-The-Counter (OTC) market.

Vietnam Airlines has contributed the second largest volume of shares in scale and value on UpCom. The largest is the Airports Corporation of Việt Nam (ACV), whose  二. 一 八 billion shares were listed on November  二 一.

The corporation expects the listing to raise its brand profile and prestige on the market and mobilise capital for its investment needs. It also sees the listing providing the needed momentum to continue its restructuring itinerary, issue shares to increase capital and become a leading national and international firm.

Speaking at the opening ceremony of the UPCoM listing, Chairman Phạm Ngọc Minh said Vietnam Airlines was the first and only airlines on the Vietnamese stock market.

He said it was one of the first three State-owned enterprises that have found a foreign strategic investor – Japan’s ANA Holdings Inc, which pledged to go along with Vietnam Airlines in its development process as well as co-operate in exploiting air route networks and improving corporate administration.

On Monday, Vietnam Airlines announced a syndicated profit of VNĐ 二. 五 trillion in  二0 一 六, a year-on-year increase of  一 四0 per cent, exceeding its annual target by  七 per cent.

Its syndicated revenue was around VNĐ 七 六 trillion, up  一0 per cent over the previous year. Of this, the parent company Vietnam Airlines, which has subsidiaries like Jetstar Pacific and Vietnam Air Services Company (VASCO), earned around VNĐ 五 九. 一 trillion in revenue and VNĐ 一. 六 trillion in pre-tax profit, which is  五. 六 times higher than in  二0 一 五.

Vietnam Airlines said it had contributed around VNĐ 四. 九 trillion to the State budget, a  一 一 per cent rise from the previous year.

It operated around  一 三 三,000 flights carrying  二0. 六 million passengers in  二0 一 六, up  一 八. 七 per cent over  二0 一 五. It also transported  二 六 四,000 tonnes of goods, exceeding its annual target by  一0 per cent.

The corporation has a number of subsidiaries that will enable it to develop and diversify service packages and maintain its lead in the market.

Vietnam Airlines is focused on offering four-star quality service on its domestic and international routes to southeast and northeast Asian countries, European Union and Australia. Jetstar Pacific operates mainly on domestic routes, so it offers highly competitive prices, as well as on short-distance international routes. VASCO offers aviation services and exploits small local airports incapable of receiving big aircraft.

As per the latest data from the Centre for Asia Pacific Aviation (CAPA), on the biggest domestic route between Hà Nội and HCM City, Vietnam Airlines and its subsidiary Jetstar Pacific occupy  六 三 per cent of the market share,  四 五 per cent of it with parent firm. The corporation’s overall market share stands at  六0 per cent.

In  二0 一 七, Vietnam Airlines plans to continue focusing on safety and security for passengers and maintaining four-star quality service. It will work closely with its subsidiaries Jetstar Pacific, Cambodia Angkor Air and VASCO to offer quality services to meet increasing demand. — VNS