SINGAPORE, 9 MAY 2025: Vietjet and Qazaq Air have partnered to launch Vietjet Qazaqstan, a new low-cost airline to strengthen air connectivity between Kazakhstan, Vietnam and destinations in Southeast Asia. 

Vietjet confirmed the move during this week’s Kazakhstan–Vietnam Business Roundtable, noting that the venture will involve acquiring a strategic stake in Qazaq Air. The airline operates domestic flights in Kazakhstan and to just three international destinations, all in Russia. (Yekaterinburg, Omsk and Novosibirsk).

No details on the timeline for rebranding, but the press statement released by Vietjet this week anticipates the joint venture will operate “at least 20 Boeing 737 aircraft under a support agreement with Boeing for training, maintenance, and parts.” 

During the event, Vietnam’s Ministry of Finance granted a Foreign Investment Registration Certificate to Aviation Holdings, a subsidiary of Vietjet, authorising its acquisition of an equity stake in Qazaq Air. 

Vietjet will use the JV to expand its international expansion and strengthen bilateral ties between Vietnam and Kazakhstan in aviation, trade, and cultural exchange.     

This move marks a key milestone in Vietjet’s international expansion strategy. It aims to deepen bilateral ties between Vietnam and Kazakhstan across aviation, economic, and cultural domains while opening a new chapter for the aviation industry in Central Asia.

The launch of Vietjet Qazaqstan follows the successful development of Vietjet Thailand, now one of  Thailand’s leading low-cost carriers.

Qazao Air is an inter-regional airline established by Samruk-Kazyna JSC to serve destinations in Kazakhstan and cities in neighbouring countries.

Certified by IOSA international industrial safety standards since 2018, the airline is a member of the International Air Transport Association (IATA).

The airline is headquartered at Nursultan Nazarbayev International Airport in Astana, the capital of Kazakhstan, flying a fleet of turboprop aircraft —  De Havilland Dash-8-Q400NG (formerly known as Bombardier Q400). 

SINGAPORE, 8 MAY 2025: Vietjet Aviation Joint Stock Company (HOSE: VJC) reported a 24% year-on-year (YoY) increase in consolidated profit for Q1 2025, driven by substantial international expansion reinforcing the airline’s leadership in regional connectivity. 

The airline will soon operate direct flights between Singapore and Phu Quoc by the end of May, adding to the services from Singapore to Ho Chi Minh City, Hanoi, and Danang. There are now 78 single-sector flights weekly between cities in Vietnam and Singapore. 

Strong profit growth     

According to its Q1 2025 financial statements, Vietjet reported air revenue of VND17.92 trillion (SGD892 million), with a pre-tax profit of VND820 billion (SGD40.85 million), marking a 25% increase YoY. 

Consolidated revenue totalled VND17.952 trillion (SGD896.29 million), while pre-tax profit was VND836 billion (SGD41.71 million), up 24% YoY.

Ancillary revenue reached over VND6.223 trillion (SGD310.38 million) in Q1 2025, accounting for more than 35% of Vietjet’s total revenue.

In the first three months of 2025, Vietjet operated nearly 38,700 flights and transported over 6.87 million passengers, representing YoY growth of more than 12% and 9%, respectively. The airline operated 137 routes, including 40 domestic and 97 international routes.

In Q1 2025, Vietjet added two new aircraft, expanding its fleet to 106 of the most modern aircraft in the region. The airline reported strong operational metrics with a seat load factor of 87% and a technical reliability rate of 99.72%.  

Vietjet also introduced four new international routes connecting Vietnam’s Hanoi and Ho Chi Minh City with major cities in China (Beijing, Guangzhou) and India (Bengaluru, Hyderabad), further strengthening connectivity and expanding growth opportunities in key Asian markets. Additionally, the airline announced two upcoming direct routes: Phu Quoc-Singapore, set to launch on 30 May 2025, and Ho Chi Minh City-Auckland (New Zealand), expected to begin in September 2025.

As of 31 March 2025, Vietjet’s total assets reached VND98.766 trillion (SGD4.93 billion), with a debt-to-equity ratio of 2.12 and a liquidity ratio of 1.5, maintaining a safe level within the aviation industry. 

Strategic Global Partnerships

Vietjet began 2025 with its inaugural flight to the US, leading to strategic partnership discussions with key US partners worth USD14 billion (SGD18.15 billion). Combined with existing deals with its longstanding partners such as Boeing, GE, Pratt & Whitney, and others, Vietjet’s total cooperation value now approaches USD50 billion (SGD64.78 billion). The airline also signed a USD300 million ( SGD388.67 million)  aircraft financing agreement with Carlyle Aviation Partners.