July 26, 2019 / 8:14 AM / 4 months ago

Vietnam's Vietravel to raise $30 mln in bonds to fund airline

HANOI, July 26 (Reuters) - Vietnam’s top tour operator Vietravel is seeking to raise 700 billion dong ($30.17 million) from a bond sale to fund its project to launch an airline, a company source said on Friday, after some local media reported it.

“We have submitted the bond sale plan to the State Securities Commission for approval,” the source, who declined to be identified, told Reuters.

The 2-year bond would have an annual coupon of up to 11%, according to a draft plan seen by Reuters.

“The money raised would be for our Vietravel Airlines project,” the source said, adding that the airline targeted to launch its services late next year.

Vietravel, formally known as Vietnam Travel and Marketing Transports JSC, set up Vietravel Airlines in February this year but has yet to obtain an aviation licence, the source said.

Vietravel Airlines would initially operate three Airbus A320 or Boeing 737 aircraft, and would raise its fleet to eight after five years of operation, local media reported on Friday. ($1 = 23,205 dong) (Reporting by Khanh Vu; Additional reporting by Phuong Nguyen; editing by Gopakumar Warrier)

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