Vietjet achieves 62.5 trillion VND in revenue, a strong increase compared to last year.

Vietjet aviation joint stock company (HOSE: VJC) proudly announces robust revenue growth for the year 2023, pioneering the expansion of international air network, driving the recovery and development of tourism, investment, domestic and regional trade.


Pioneering international flights

In 2023, Vietjet operated 133,000 flights safely, carrying 25.3 million passengers (excluding Vietjet Thailand), including over 7.6 million international passengers, an increase of 183% compared to 2022.

To meet the increasing demand for passenger transportation and expand the aviation market, in 2023, Vietjet continued to focus on developing the flight network with 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international routes and 45 domestic routes.

Notable routes include Ho Chi Minh City – Shanghai (China), Ho Chi Minh City – Vientiane (Laos), Hanoi – Siem Reap (Cambodia), Hanoi – Hong Kong (China), Phu Quoc – Taipei (Taiwan, China), Phu Quoc – Busan (South Korea)…

Vietjet became the first airline to connect Vietnam with the five largest cities in Australia, including Sydney, Melbourne, Perth, Adelaide, Brisbane. The airline also operates the most flights between Vietnam and India, including flights from Vietnam to the cities of Delhi, Mumbai, Ahmedabad, Kochi, and Tiruchirappalli.

The airline’s flights achieved an average seat usage of 87% and a technical reliability rate of 99.72%.

The total cargo volume reached 81.5 thousand tons, a 73% increase compared to the same period.

Vietjet also implemented the SkyJoy program for loyal customers worldwide, allowing redemption with over 250 brands, reaching 10 million members in 2023.

The “fly now, pay later” service helps passengers receive financial support for their flights.

Vietjet’s Galaxy Pay payment gateway has ensured convenient and secure payments through various payment methods. Vietjet is also at the forefront of payments through Apple Pay.

In addition, Vietjet passengers have the convenience of online check-in from 18 airports nationwide.

Strong revenue growth compared to the previous year

The 2023 business report of Vietjet recorded a separate revenue of VND 53.6 trillion and a consolidated revenue of VND 62.5 trillion, an increase of 62% and 56% respectively compared to 2022. The separate net profit and consolidated net profit in 2023 reached VND 697 billion and VND 344 billion, respectively.

In the fourth quarter of 2023 alone, the separate revenue and consolidated revenue reached VND 14.9 trillion and VND 18.8 trillion, an increase of 89% and 49% respectively compared to 2022. The separate net profit and consolidated net profit reached VND 70 billion and VND 152 billion.

The revenue from auxiliary services and cargo transportation reached VND 18.9 trillion, a strong growth of 46% compared to 2022, contributing 40% to the total revenue of air transportation.

As of December 31, 2023, Vietjet’s total assets reached over VND 84.6 trillion, an increase of nearly 25% compared to the beginning of the year, due to Vietjet’s investment in new-generation A321 NEO aircraft. The company’s debt-to-equity ratio is only 2 times compared to the normal level worldwide of 3-5 times, and the liquidity ratio of 1.24 times is at a good level in the aviation industry. The cash and cash equivalents as of December 31, 2023 reached VND 5,021 billion, more than twice the amount in the same period last year, ensuring the financial capacity of the airline. Vietjet also ranks highest in credit rating according to the direction of the Ministry of Finance. The company achieved a VnBBB- credit rating, the highest level among Vietnamese airlines.

In 2023, Vietjet contributed approximately VND 5,200 billion in direct and indirect taxes and fees to the budget.

Safe, modern, and environmentally-friendly aircraft fleet development

To meet the operational demand, Vietjet continuously invests in a modern, safe, and environmentally-friendly aircraft fleet. As of December 31, 2023, Vietjet’s fleet consists of 105 aircraft, including wide-body A330 aircraft.

Starting the journey of CO2 emission reduction over 10 years ago with only 3 aircraft, by 2023, Vietjet’s fleet has grown significantly, making an important contribution to the company’s success by optimizing resources, saving 15-20% of fuel, and especially protecting the environment, promoting sustainable development, and implementing green technologies.

Contributing to the increased trade between Vietnam and the United States, in 2023, Vietjet reached an agreement with Boeing on the continuation of the plan to deliver and receive 200 737 MAX aircraft within the next 5 years and sponsorship agreements with foreign financial institutions totaling billions of US dollars.

Emphasizing safety work, in 2023, Vietjet organized numerous conferences, training courses, and exercises on safety and security, such as the Quality Safety Conference; ISAGO training course for ground handling operations according to international standards; emergency response exercises to proactively respond and ensure absolute security and safety for flight operations. The airline also participated in prestigious aviation safety and operational forums organized by reputable organizations such as the International Air Transport Association (IATA) to discuss in-depth topics on aviation safety.

Vietjet continues to be honored by AirlineRatings, a reputable organization specializing in evaluating services and aviation safety worldwide, in the group of the world’s safest low-cost airlines.

In 2023, Vietjet put into operation the International Standard Aircraft Maintenance Center in cooperation with Lao Airlines in Vientiane, Laos. Thus, in addition to being proactive in ground services, Vietjet has started to be proactive in aircraft maintenance and technical repair work.

With the strategy and vision of building and developing internationally standardized aviation human resources, the Vietjet Aviation Academy (VJAA) has become a training partner of the International Air Transport Association (IATA).

In 2023, VJAA trained over 97,000 students with 6,300 courses; proactively trained pilots, CRS specialized technical staff to meet technical requirements. The academy has also put into operation the third flight simulator, becoming a leading international pilot training center in the region.

Vietjet’s ground services company operates efficiently to improve the quality of ground service operations and reduce operating costs at Noi Bai International Airport.

Contributing strongly to tourism, investment, commerce, and cultural exchange, in 2023, Vietjet achieved its highest results ever in the development of the international flight network and air cargo revenue.

Thien Van

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