Noi Bai duty-free shops report big losses due to Covid-19

Duty-free shops at Noi Bai Airport have reported big losses due to falling passenger numbers during the Covid-19 pandemic.

A duty-free shop at Noi Bai Airport

Noibai Airport Services Joint Stock Company (Nasco) which runs the duty-free shop chain at the airport, has just reported a loss of VND137 billion (USD5.95 million) for 2021. This was the second consecutive year that Nasco incurred losses but it was the biggest loss since the company’s operation.

“Nasco, which is a subsidiary of Vietnam Airlines, made a revenue of VND251 billion in 2021, a fall of 26 percent on-year,” the report said.

Explaining their major losses in 2021, the company said that Hanoi experienced two Covid-19 outbreaks which had badly affected their operations. Most of Nasco’s shops at Noi Bai Airport had to close during the social distancing period from July 24 to September 21. After the social distancing rules were lifted, the number of passengers was still low. Meanwhile, they faced increasing costs of materials and transportation as well as rising loans.

As of December 31, 2021, Nasco’s total asset was VND 266 billion, a fall of 40 percent against the figures announced at the beginning of the year,” the report said.