Concerns over possible Indochina Airlines closure

Vietnam’s first private air carrier, Indochina Airlines, may close business as it is in debt to jet fuel supplier Vinapco and airport service units.

The Civil Aviation Administration of Vietnam (CAAV) has ordered the firm to report its debt situation and measures to clear those debts before September 15.

If the firm does not ensure it has enough capital nor reach an agreement with its creditors, as well as not showing any feasible solutions for operations next year, CAAV will revoke its license from the beginning of next year.

It is reported that total debt for Indochina Airlines has reached to tens of billions of dong.

By M.Duy – Translated by Vinh Nghi

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