Vietjet posts record revenue in 2024

Expanding Vietjet's international flight network to meet mounting travel demands

According to its financial statements for the fourth quarter of 2024, Vietjet recorded aviation revenue of VND19.78 trillion (approximately $784 million) and after-tax profit of VND167 billion (approximately $6.6 million), representing on-year growth of 36 per cent and 247 per cent, respectively. For the entire year of 2024, Vietjet's aviation revenue reached VND71.56 trillion (around $2.8 billion), with after-tax profit exceeding VND1.3 trillion (around $51.6 million), increasing by 33 per cent and 697 per cent on-year, respectively.

Vietjet achieved VND19.79 trillion (approximately $785 million) in consolidated revenue and over VND21.4 billion (approximately $848,000) in after-tax consolidated profit, with respective growth of 36 per cent and 8 per cent on-year. Consolidated revenue reached VND71.859 trillion (approx. US$2.85 billion), with after-tax profit exceeding VND1.426 trillion (approx. US$56.5 million), witnessing a rise of 23% and 516% on-year, respectively.

In 2024, Vietjet transported over 25.9 million passengers on 137,000 flights across 145 flight routes, including 44 domestic and 101 international routes. Vietjet recorded the highest volume of passengers in Vietnam.

Vietjet achieved its goal of receiving an additional 10 new aircraft in 2024, bringing its total fleet to 94 aircraft which had the youngest average age in the region. The airline's average load factor rate stood at 87 per cent and technical reliability rate at 99.72 per cent.

As of December 31, 2024, Vietjet's assets totalled nearly VND99.5 trillion (approximately $3.95 billion). Its debt-to-equity ratio was at 2.12 while the liquidity ratio was 1.71, both of which were considered within the safe zone in the aviation industry.

Cash, bank deposits, and cash equivalents reached over VND7.7 trillion (approximately $305.7 million), along with working capital limits, helping ensure the company's ability to meet its financial obligations.

Vietjet paid more than VND7.5 trillion (approximately $297.89 million) in direct and indirect taxes and fees in 2024.

Accelerating expansion of international network

The positive business performance reflected Vietjet's successful strategy to robustly expand its international flight network while maintaining a stable domestic one. This aimed to explore new markets, and by that to enhance connectivity between Vietnam and countries in the region and beyond, contributing to international tourism, trade, and investment.

In the fourth quarter of 2024, Vietjet launched direct flights from Danang to Ahmedabad (India), as well as from Xi'an (China) to Ho Chi Minh City. The airline also increased the frequency of direct flights between Ho Chi Minh City and Perth (Australia), along with many other destinations in the region such as South Korea, Japan, and Hong Kong.

Vietjet signed a cooperation agreement with Emirates to expand connections between major cities in Vietnam and Dubai, as well as global destinations. Additionally, the airline announced new direct routes to Hyderabad and Bangalore (India), and Beijing and Guangzhou (China), deepening connections with these two populous and highly potential markets.

Vietjet remains a pioneer in ongoing research and development efforts aimed at reducing emissions, promoting green transitions, and achieving sustainable environmental, social, and governance (ESG) goals. The CFM LEAP engine line Vietjet bought reduces fuel consumption and CO2 emissions by 15 per cent to 20 per cent compared to previous-generation engines.

Investing in new aviation technology solutions and services to ensure the highest standards of safety and quality, Vietjet and CFM International reaffirmed their commitment to orders of over 400 LEAP-1B engines, along with technical maintenance services for the airline's narrow-body aircraft, which was worth of $8 billion. Vietjet also signed an agreement with Castlelake to arrange long-term financing of $560 million.

A new milestone to the US

Entering 2025, Vietjet marked an important milestone in its journey by operating its first flight from Vietnam to the US. During this trip, collaborations worth approximately $14 billion between Vietjet and strategic partners in the US were positively discussed, following other strategic agreements with leading corporations such as Boeing, GE, CFM, Pratt & Whitney, and Honeywell, with a total value nearing $50 billion.

Vietjet is set to receive the first 14 Boeing 737 Max aircraft out of a total order of 200, significantly enhancing the airline's capacity to meet the growing travel demands of both domestic and international passengers.

The airline is also actively looking into cooperations with SpaceX and several providers of in-flight internet technology solutions to serve its fleet of hundreds of aircraft, continuously innovating and improving in the era of digitalisation in the innovation era.

In 2025, the airline aims to maintain its pioneering status in connecting Vietnam with the world through an increasingly expanding international network, contributing to trade, investment, and cultural exchanges between Vietnam and other countries. Aiming to become a green airline and a technology leader, Vietjet will continue to promote activities for sustainable development, contributing to the countries' economy while fulfilling its responsibilities to society and the community.

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