A Vietnam Airlines aircraft takes off. HVN will return to full-day trading after a period during which transactions were limited to the afternoon session.— Photo courtesy of the company

HÀ NỘI — Vietnam Airlines' shares (HVN) will resume normal trading from July 14 after the national flag carrier recorded two consecutive years of profits and restored positive shareholders' equity, prompting the Hochiminh Stock Exchange (HoSE) to remove trading restrictions.

According to the HoSE, Vietnam Airlines has addressed the issues that previously led to its shares being placed under trading restrictions. 

As a result, HVN will return to full-day trading after a period during which transactions were limited to the afternoon session.

At the same time, the exchange has downgraded the stock's status from under control to under warning. 

Based on the airline's audited consolidated financial statements for 2025, Vietnam Airlines reported positive shareholders' equity and positive profit after tax and received an unqualified audit opinion. However, the stock remains under warning because the company still carries accumulated losses.

HVN closed at VNĐ25,300 (US$0.96) per share on July 13, down 0.39 per cent from the previous session, with more than one million shares changing hands. Compared with its closing price of VNĐ22,300 on April 13, the stock has gained nearly 14 per cent.

According to the airline's 2025 annual report, Vietnam Airlines had 27,203 shareholders as of the end of last year.

The carrier reported net revenue of VNĐ121.2 trillion in 2025, up 13.6 per cent year-on-year, while pre-tax profit reached VNĐ8.17 trillion, marking its second consecutive profitable year following the severe disruption caused by the COVID-19 pandemic. 

By the end of 2025, consolidated shareholders' equity had recovered to VNĐ6.73 trillion, ending a prolonged period of negative equity.

Despite the turnaround, Vietnam Airlines still had VNĐ26.69 trillion in accumulated consolidated retained losses at the end of 2025, preventing it from paying dividends. The company's management expects to eliminate the accumulated losses during the 2030-2032 period before considering dividend distributions to shareholders.

For 2026, Vietnam Airlines targets consolidated revenue of VNĐ138.9 trillion and profit after tax of around VNĐ22 billion, significantly lower than the previous year's result as higher aviation fuel prices are expected to weigh on earnings.

The airline has also completed a rights offering of 900 million shares at VNĐ10,000 each, raising nearly VNĐ8.97 trillion. The proceeds will be used primarily to strengthen its capital base, repay debt and finance future expansion.

Vietnam Airlines plans to invest approximately VNĐ5.2 trillion this year, focusing on the acquisition and lease of wide-body aircraft as well as aviation service projects at Long Thành International Airport. — BIZHUB/VNS