Viettonkin Consulting is proud to announce three new strategic partnerships with Robert Yam Co., Oborseana, and CorpelServe, further strengthening our commitment to delivering seamless cross-border business expansion services to clients across Asia. Robert Yam Co. (Singapore) Established in Singapore, Robert Yam Co. is a reputable firm offering audit, tax, and accounting services, led by Executive […]
Viettonkin Consulting is proud to announce three new strategic partnerships with Robert Yam Co., Oborseana, and CorpelServe, further strengthening our commitment to delivering seamless cross-border business expansion services to clients across Asia. Robert Yam Co. (Singapore) Established in Singapore, Robert Yam Co. is a reputable firm offering audit, tax, and accounting services, led by Executive […]
Vietnam Airlines (HVN) has completed divestment of 35% shares in Cambodia Angkor Air, earning USD 35 million
Trường Lăng
Trường Lăng, founder and 15-year director of Viettonkin, guides the company's strategic direction, makes top-level decisions, and represents the firm in key business negotiations. With over 20 years of consulting experience in Belgium and Southeast Asia, including 15 years specializing in FDI projects, he has established himself as a top expert who helps clients across industries expand their businesses. His deep knowledge of risk management and business operations, combined with his proven track record of successful consultation projects, makes him a valuable partner for investors seeking quality consulting services.
Cambodia Angkor Air was founded in 2009 from the cooperation of Vietnam Airlines and Cambodian Royal Government. Vietnam Airlines contributed 49% of the fund under the joint venture contract.
On May 27, Vietnam Airlines Corporation (stock code: HVN) announced that they have completed the transfer of 35% of Vietnam Airlines Corporation's shares in Cambodia Angkor Air (K6) to the transferee according to the agreement between the two parties in the share transfer contract. After the transfer, K6 is no longer an associate company of Vietnam Airlines Corporation.
According to the 2021 audited consolidated financial statements, January 3 and March 29 this year, HVN received USD 30 million and USD 4 million respectively from the investor who redeemed Vietnam Airlines Corporation's share in K6 and that HVN also received a deposit of USD 1 million in 2019. The amount of USD 35 million above corresponds to 35% of K6 shares.
Although the money will not be received until 2022, the transfer of share title was taken place from 2021, HVN's report showed that K6 was no longer an associate company and revenue from the financial activities contributed more than VND 647.7 billion from the interest of contributed capital transfer.
The above income has helped HVN reduce their loss in 2021 and their equity is still more than zero, escaping the delisting judgment.
Cambodia Angkor Air was founded in 2009 under the cooperation of Vietnam Airlines and Cambodian Royal Government. According to the joint venture contract, Vietnam Airlines contributed 49% of capital in Cambodia Angkor Air with the historical price of VND 868.5 billion.
By the end of the year, after divesting 35% of shares, the balance 14% of K6 shares was transferred by HVN to the investment portfolio to contribute the funds to other entities with the historical costs of VND 248 billion.
In 2021, like other airlines in the region and the world, K6's production and business activities continue to be seriously affected by the epidemic. To minimize losses, K6 has implemented the solutions of restructure, downsizing, maintaining the operation of a few main flight lines with minimal frequency, completely cost cutting, negotiating on payment reduction, delay, taking the advantage of every opportunity to increase the exploitation of charter flights and cargo flights to help adding the cash flow to maintain the operations. However, K6’s 2021 loss is USD 17.7 million, the loss is increased by 37.2% against 2020.
Vietnam is emerging as a prime destination for foreign direct investment (FDI), driven by rapid economic growth, favorable government policies, and an investor-friendly business environment. This eBook provides a deep dive into Vietnam’s economic landscape, highlighting key industries such as manufacturing, real estate, and digital banking that attract FDI. It also explores the government’s proactive measures to streamline investment procedures, improve infrastructure, and offer tax incentives for foreign enterprises. Additionally, it covers crucial insights into market entry strategies, regulatory requirements, and socio-cultural factors that influence business success in Vietnam.
Download the eBook now to gain expert insights into successfully navigating Vietnam’s dynamic investment landscape!
Vietnam is emerging as a prime destination for foreign direct investment (FDI), driven by rapid economic growth, favorable government policies, and an investor-friendly business environment. This eBook provides a deep dive into Vietnam’s economic landscape, highlighting key industries such as manufacturing, real estate, and digital banking that attract FDI. It also explores the government’s proactive measures to streamline investment procedures, improve infrastructure, and offer tax incentives for foreign enterprises. Additionally, it covers crucial insights into market entry strategies, regulatory requirements, and socio-cultural factors that influence business success in Vietnam.
Download the eBook now to gain expert insights into successfully navigating Vietnam’s dynamic investment landscape!
Founded in 2009, Viettonkin Consulting is a multi-disciplinary group of consulting firms headquartered in Hanoi, Vietnam with offices in Ho Chi Minh City, Jakarta, Bangkok, Singapore, and Hong Kong and a strong presence through strategic alliances throughout Southeast Asia. Our firm’s guiding mission is aimed towards facilitating intra-ASEAN investments and connecting investors in Southeast Asia with the rest of the world, thus promoting international business relationships and strengthening inter-nation connections.
