Vietjet reports soaring profits in the first half of 2024

According to the report, released on September 7, Vietjet’s air transport revenue reached VND33.86 trillion (approximately $1.37 billion) in the first six months of 2024, slightly higher than the airline's compiled financial statement. Pre-tax profit was recorded at VND1.17 trillion (approximately $47.4 million), an increase of 688 per cent on-year.

Vietjet reported consolidated revenue of just over VND34 trillion (approximately $1.38 billion) and consolidated pre-tax profit of more than VND1 trillion (approximately $40.6 million) in the first half of 2024, increasing by 15 per cent and 307 per cent respectively on-year.

As of June 30, Vietjet's total assets stood at over VND92.2 trillion (approximately US$3.74 billion). The debt-to-equity ratio stayed at around 2.16 while the global average was at five. Its liquidity ratio stood at 1.3 which was within good range of the aviation industry.

According to Saigon Ratings - an independent credit rating organisation, Vietjet has maintained a long-term credit rating of vnBBB- with a 'stable' outlook. Given the airline’s steady recovery and proactive efforts throughout 2022 and 2023, Vietjet is well positioned for more sustainable and accelerated growth in the medium to long term.

Vietjet has paid close to VND3.7 trillion (approximately $146.8 million) of direct and indirect taxes and fees in the first half of 2024.

The airline transported 13.1 million passengers on more than 70,000 safe flights in the first half of 2024. The number of international passengers reached 5.5 million while the number of international flights exceeded 28,300, increasing by 52 per cent and 43 per cent respectively on-year, making it the top airline in terms of passenger volume.

Vietjet operates more than 150 routes across Vietnam and internationally with a fleet of more than 105 aircraft (including Vietjet Thailand). The airline is expanding its transcontinental flight network while developing a modern, environmentally friendly fleet.

At the 2024 Farnborough International Airshow, Vietjet and Airbus signed an order of 20 new generation wide body A330neo (A330-900) aircraft worth $7.4 billion.

Embracing a strategy and vision of building and developing aviation workers to international standards, the Vietjet Aviation Academy has become a training partner of the International Air Transport Association.

Vietjet has been an early mover in researching and promoting the use of sustainable aviation fuel, aiming to become a green airline with an interest in technology-driven sustainable development. The company was recognised by International Finance as the 'Best Low-Cost Airline in Southeast Asia' and for 'Best Finance Management – Aviation, Vietnam'. It also received the titles of 'Best Ultra Low-Cost Airline' and 'Best Low-Cost Airline Onboard Hospitality' from AirlineRatings, and was named among Forbes Vietnam’s Top 50 Best Listed Companies for 2024.

The airline was also the dual winner of the World Travel Awards 2024, being named the 'Asia's Leading Airline for Customer Experience' and 'Asia's Leading Airline Rewards Programme'.

Vietjet awarded Asia's leading airline for customer experience Vietjet has been named “Asia's Leading Airline for Customer Experience 2023” at the 30th Annual World Travel Awards in Ho Chi Minh City on September 7.

Airbus Vietnam Training Centre at Vietjet to offer A320 type-rating courses The Airbus Vietnam Training Centre has received regulatory approval from the Civil Aviation Authority of Vietnam (CAAV) and the European Union Aviation Safety Agency (EASA) to provide A320 Type Rating courses.

Vietjet and Airbus ink strategic cooperation agreement for 119 aircraft Vietjet and Airbus have inked a strategic partnership agreement on the delivery timeline for 119 aircraft of the airline’s existing backlog and cooperation for the development of Vietjet’s wide-body fleet together with other supporting terms for the airline post-COVID-19.