Yes roti, I saw that one. That is exactly what he said in the letter of Oct 10 to staff.
With only $3MUSD in profit for the financial year and ++$3.3BUSD in direct a/c purchases (350/787) and lease commitments for over 12 more (787/350) there isn't much free cash flow to service new loans or pay leases, yes there may be a few new routes but Vietjet and the boys from the Middle East and Turkey are making serious inroads.
State owned enterprises are notorious for not displaying the best business acumen, but rather basing decisions on perceptions of national pride and personal gain, until it comes crashing down al la Vinashin or Vinalines.
We shall see if miraculously VNA was the repository of the best business minds in the SOE framework or another folly, awaiting the dominoes to fall.
