World-Wide phenomena
Kap,
the Government in Vietnam has been struggling to find the money for the new airport for the last 5 years, has poor infrastructure (roads, rail, ports), needs investment in education and healthcare, and is going to ramp up military spending now that the U.S. has lifted the embargo.
So whilst I am not suggesting they would let VNA die (huge black eye), they are aggressively pushing an IPO, because they have publicly stated they the don't want the economic burden of it. People in the aviation industry often look myopically, thinking their industry is the only one deserving of support. When quite often it is nothing more than a phallic projection of national pride. Whereas healthcare, infrastructure and education are very real and urgently needed investments.
Private enterprises such as VietJet, AirAsia and the Middle Eastern carriers (private, public?) will gladly fill the void.
Look at how many VNA321 spend all day parked on the ramp, ask pilots there what the daily utilization rates are like, ask about the 4 lemon 777's. Honestly, while most pilot's there are excited about the arrival of the 350 & 787, this punter believes the arrival MAY expose some irrational exuberance.
A number of SE Asian airlines have recently adjusted a/c requirements and cut overcapacity, time will tell if VNA has been guided by a deft, shrewd hand or more of the "same same".
Peace