Vietnam Airlines shares put on warning

The Ho Chi Minh Stock Exchange (HoSE) has decided to put the HVN shares of national flag carrier Vietnam Airlines on warning from April 25 due to delaying its 2022 audited financial statements by more than 15 days compared to the deadline.

On April 12, the State Securities Commission (SSC) told Vietnam Airlines to complete its accounts and information disclosure for 2022 as regulated and without delay.

The carrier had asked for a deadline extension, but the reasons cited were not justified according to Circular No. 96/2020, the SSC said in a document sent to Vietnam Airlines.

As ruled in Vietnam, a public company must release its audited annual financial statement within 10 days from the date it is signed, but not more than 90 days from the end of the fiscal year. Vietnam Airlines had already missed these deadlines.

On March 29, the airline submitted an application to the SSC and HoSE asking for a postponement. However, the corporation did not specify an intended date for submission.

The carrier cited the large scale of its operations globally, with 27 affiliated units (nine domestic and 18 foreign branches) and 15 large- or medium-scale subsidiaries operating in other fields.

The airline argued that it was restructuring its business operations to overcome the impacts of the pandemic, and needed more time to verify reports and collect data to meet auditing standards.

However, the SSC did not agree, saying the reason was not a natural disaster, fire, pandemic, war or a force majeure.

The carrier’s HVN shares were priced at VND12,400 ($0.53) at Thursday's close.