The loss was nearly double that of last year as the national flag carrier continued to go through one of the most challenging times for the aviation industry. International flights remain restricted after more than a year and the Covid-19 outbreak late January has hampered domestic travel recovery.

Its revenues fell 60 percent year-on-year to over VND7.5 trillion.

The group, comprising Vietnam Airlines, Pacific Airlines and Vietnam Air Services Company (VASCO), has seen its accumulated loss hit VND14.22 trillion, marginally surpassing its charter capital.

If its performance continues in the same vein, the airline’s HVN ticker on the Ho Chi Minh Stock Exchange (HoSE) might be delisted. It had already received a warning from the bourse on April 15.

HVN has only gained 2.5 percent this year despite the benchmark VN-Index repeatedly climbing to new historic peaks with a 12.2 percent increase.

Vietnam Airlines, 86 percent owned by the government, plans to issue more shares to existing shareholders in the first half this year to raise VND8 trillion in order to repay mounting debts.

The government had in March approved a plan to provide the carrier with an interest-free loan of up to VND4 trillion. The group can also request for a loan of the same amount from its shareholders this year and the next.