Rail News
Struggling railway operator asks for $34.5 million interest-free loan
Viet Nam News
June, 26/2021 (Vietnam)
HÀ NỘI — The Việt Nam Railways Corporation (VNR) has asked for a loan package worth VNĐ800 billion (US$34.5 million) with zero interest to overcome the difficulties of the COVID-19 pandemic.
The State-owned operator of the railway system is facing the risk of temporary closure due to the pandemic.
The proposal was recently submitted to the Committee for Management of State Capital at Enterprises to help VNR maintain its operation.
Vũ Anh Minh, VNR’s chairman, said although the corporation had made efforts to slash costs, it incurred losses of more than VNĐ1.3 trillion in 2020 and anticipated another loss worth VNĐ942 billion in 2021.
VNR said the loan would be added to its working capital while it was facing the risk of not having enough cash to pay employees if the pandemic is prolonged into 2022.
VNR also proposed policies to support its 13,000 employees who could lose their jobs.
Source:
https://vietnamnews.vn/economy/980407/struggling-railway-operator-asks-for-345-million-interest-free-loan.html
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