Vietjet: A turnaround profit in 2023

BANGKOK, 16 April 2024: Vietjet released its 2023 audit report last week, indicating a robust expansion of its international flight network and a revenue generation of USD2.16 billion from its transportation business.

Vietjet Aviation Joint Stock Company (HOSE: VJC) reported that its separate air transport revenue and consolidated revenue reached VND53.7 trillion (USD2.16 billion) and VND58.3 trillion (USD2.35 billion), respectively, increasing by 62% and 45% YoY in the order given. 

Vietjet launched the Brisbane – Ho Chi Minh City route.

Pre-tax profit

Notably, the company recorded a turnaround of pre-tax air transport profit and consolidated profit at VND471 billion (USD18.98 million) and VND606 billion (USD24.42 million), respectively.

As of 31 December 2023, Vietjet’s total assets totalled more than VND86.9 trillion (USD3.5 billion). The company’s debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5. Vietjet’s liquidity ratio stood at 1.3, which was within good range of the aviation industry. The cash and cash equivalents balance, as of 31 December 2023, was reported at VND5.051 trillion (USD203.62 million), ensuring the airline’s financial capacity.

In 2023, Vietjet paid approximately VND5.2 trillion (USD209.63 million) of direct and indirect taxes and fees.

Network expansion

Vietjet operated 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally during 2023.

Vietjet launched 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international and 45 domestic routes.

Notable routes included Ho Chi Minh City – Shanghai, Ho Chi Minh City – Vientiane, Hanoi – Siem Reap, Hanoi – Hong Kong, Phu Quoc – Taipei, Phu Quoc – and Ho Chi Minh City/ Hanoi – Jakarta, etc.

Vietjet is also now the largest operator of flights connecting Vietnam to India and Australia, helping promote trade and tourism.

Since early 2024, the airline has further opened a direct route between Hanoi and Sydney, lifting the total number of Vietnam-Australia routes to seven.

It has also commenced flights from Hanoi to Hiroshima (Japan) and Ho Chi Minh City to Chengdu (China), bringing about opportunities to strengthen bilateral tourism and trade. Domestically, Vietjet has inaugurated the new route Hanoi – Dien Bien to take travellers to the historic destination of Dien Bien Phu.

The airline’s average load factor rate reached 87%, and the technical reliability rate was 99.72%. As of 31 December 2023, Vietjet’s fleet consisted of 105 aircraft, including the wide-body A330s.


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