Vietnam Airlines (HVN) Shares Exit Restricted Trading on July 14
This Aveluro analysis covers HVN in the Travel & Leisure sector. The classified event type is regulation change, with positive sentiment and a deterministic market-impact score of 7.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
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Overview
Ho Chi Minh Stock Exchange (HoSE) will lift the restricted trading status on shares of Vietnam Airlines (HVN) effective July 14, 2026, moving the stock from controlled to warning status. The change follows the airline’s second consecutive year of profit and a return to positive equity, though accumulated losses persist.
Key Facts
- HoSE removes HVN from restricted trading and reclassifies it from controlled to warning status effective July 14, 2026.
- Vietnam Airlines reported 2025 consolidated revenue of VND 123,858 billion and pre-tax profit of VND 8,168 billion.
- Consolidated equity at end-2025 stood at VND 6,730 billion, ending negative equity.
- The airline still carries VND 26,686 billion in accumulated post-tax losses, preventing dividend payments.
- HVN had 27,203 shareholders as of December 31, 2025.
- HVN closed at VND 25,400 on July 10, 2026, down 0.59%, with volume of 1,003,800 shares.
- The company raised VND 8,971 billion via a rights issue of 900 million shares at VND 10,000 each.
What Happened
HoSE announced the change in trading status for HVN shares, effective July 14, 2026, citing the company’s remediation of the conditions that led to the restricted status. The exchange based its decision on the audited 2025 consolidated financial statements, which showed non-negative equity and after-tax profit, with an unqualified audit opinion.
Vietnam Airlines reported its second consecutive year of profit in 2025, recovering from the severe impact of the COVID-19 pandemic. However, the company remains under warning status due to accumulated losses of VND 26,686 billion. Management expects to fully address these losses by 2030-2032 before resuming dividend payments.
Market Context
HVN shares on HOSE closed at VND 25,400 on July 10, 2026, down 0.59% on volume of 1 million shares. The stock has risen nearly 14% from VND 22,300 on April 13, 2026. The removal of restricted trading is expected to improve liquidity by allowing more trading time per session, though the stock remains in the warning category.
Strategic Significance
The status change reflects Vietnam Airlines’ financial recovery, supported by two consecutive years of profit and positive equity. The successful rights issue of VND 8,971 billion strengthens the balance sheet and provides funds for debt repayment and long-term investments, including wide-body aircraft acquisitions and projects at Long Thanh Airport. However, the large accumulated loss overhang and the sharp drop in 2026 profit guidance (VND 22 billion after tax) highlight ongoing challenges from fuel costs and competitive pressures.
What to Watch
- Progress on accumulated loss reduction and timeline for dividend resumption.
- 2026 half-year and full-year earnings reports to assess profit trajectory.
- Fuel price trends and their impact on operating margins.
- Execution of the VND 5,200 billion investment plan for 2026, including aircraft leasing and Long Thanh Airport projects.
- Any further regulatory changes to HVN’s listing status as financials improve.