Vietnam Airlines (HVN) reported short-term loans of 10.102 trillion VND at the end of 2024, down from 12.056 trillion VND at the beginning of the year. Vietcombank is the largest lender. HSBC provided Vietnam Airlines a loan of nearly 109 billion VND in USD at an interest rate of 7%, double that of other banks (BIDV 3.3%, Vietcombank 3.2%). The USD lending rate at HSBC exceeded 7% in early 2024. Meanwhile, HSBC’s pre-tax profit declined by 31.7% year-on-year, total assets decreased by 16.9%. However, HSBC boasts a high average employee income of 864 million VND/year. Why does Vietnam Airlines have to spend more than 100 billion VND/year on flights to Europe?
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