Vietnam Airlines lost VND11,098 billion (over US$481 million) in 2020 due to the impact of the COVID-19 pandemic, according to its recently-released financial report.

Net revenue reached VND8,202 billion in the last quarter of 2020, just one-third of the figure in the fourth quarter of 2019. Pre-tax profit was minus VND377 billion compared to VND97 billion in the same period last year.

The national flag carrier earned nearly VND40,613 billion in net revenue in 2020, down 59% year-on-year.

This loss, however, was lower than the estimate of VND14,445 billion its leaders announced at an extraordinary meeting of shareholders on January 29, 2020.

As of the end of December, its total assets were valued at VND62,967 billion, a fall of 17.6% since the beginning of the year.

In order to support the carrier amid the pandemic, the National Assembly adopted a support package of VND12 trillion in November. 

Figures show that Vietnam Airlines operated about 96,500 flights last year, down 48% year-on-year due to COVID-19, carrying 14.23 million passengers and 195,000 tonnes of cargo, declines of 51% and 47%, respectively.

The carrier said it will focus on recovering business and operations during the 2021-2025 period, while rolling out a restructuring plan to improve operational efficiency.

It will also divest part or all of its investment in certain businesses in the field of aviation transport posting good performance.