Presidium of the Vietjet Shareholder’s Annual Meeting (photo: N.Q)
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Leading the Expansion of International Flight Network
The business result report of 2023 at the annual meeting showed that despite continuous challenges in the Vietnamese and global economies, fluctuating exchange rates, and high fuel prices, Vietjet recorded positive and stable business performance, significantly expanded its international flight network, boosted its revenue, and ensured financial balance with many financial indicators increasing by several times.
The airline safely operated 133,000 flights, carrying 25.3 million passengers, 7.6 million of which were international passengers, an increase of 183% compared to 2022.
In 2023, Vietjet inaugurated 33 new international and domestic routes, notably becoming the airline with the most flights between Vietnam and the five largest cities in Australia, launching numerous flights to the vast Indian market, and establishing a direct route between Hanoi and Jakarta (Indonesia) – a route that no airline had operated in decades. The airline increased its flight frequency to Northeast Asian countries, becoming the Vietnamese airline with the most flights to cities in Japan and South Korea.
Vietjet’s international routes have played a significant role in promoting diplomacy, economic development, trade, investment, and tourism among countries.
Vietjet continuously invests in modern, safe, and environmentally friendly new-generation aircraft. As of December 31, 2023, Vietjet’s fleet comprises 105 aircraft, including wide-body A330s, contributing to resource optimization, fuel savings, and helping the airline achieve its long-term sustainability (ESG) goals.
Having embarked on the path to CO2 emission reduction more than 10 years ago, by 2023, Vietjet’s fleet has grown significantly, becoming a key factor in its success by optimizing resources, saving 15-20% on fuel, and protecting the environment through sustainable development and investments in green technology research and development.
ESG will continue to be the airline’s long-term strategic goal, and it is also a critical factor contributing to Vietjet’s success by optimizing resources, saving fuel, and reducing CO2 emissions with its new and modern fleet.
With an emphasis on workforce training, in 2023, the Vietjet Aviation Academy (VJAA) trained over 97,000 students in 6,300 courses and commissioned its third full-flight simulator, further strengthening its position as a leading international pilot training center in the region.
Vietjet CEO Dinh Viet Phuong reports at the annual meeting (photo: N.Q)
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Outstanding Business and Financial Results
The efficient operation of existing routes and the launch of new international routes resulted in Vietjet’s outstanding business performance in 2023, with air transport revenue reaching 53.7 trillion VND and consolidated revenue reaching 58.3 trillion VND.
As of December 31, 2023, Vietjet’s total assets exceeded 86.9 trillion VND. Cash and cash equivalents reached 5,051 trillion VND, more than 2.7 times higher than the same period last year, ensuring the airline’s financial strength.
Vietjet leads the credit rating rankings according to the Ministry of Finance. The airline achieved a credit rating of VnBBB-, which is the highest among Vietnamese businesses.
In 2023, Vietjet contributed approximately 5,200 billion VND in direct and indirect taxes and fees to the budget.
In the first quarter of 2024, Vietjet safely operated nearly 34,500 flights, carrying over 6.3 million passengers. Vietjet recorded consolidated revenue and post-tax profit of 17,792 billion VND and 539 billion VND, respectively. Vietjet contributed 1,770 billion VND to the budget in the first quarter of 2024.
Upholding its corporate culture of supporting the community, Vietjet continues to provide free flights for poor students, workers, and laborers. Vietjet participates in charity programs, donates gifts to underprivileged communities in remote areas, provides gifts to children at SOS Children’s Villages, and awards thousands of scholarships to exceptional students who excel in their studies and have overcome difficulties.
The business results are also a testament to the numerous awards that Vietjet has received in 2023 from AirlineRatings, the world’s leading aviation magazine, including Top 20 Safest Low-Cost Airlines in the World, Best Low-Cost Airline for In-flight Service, and World’s Best Ultra Low-Cost Airline.
International Finance, a leading UK financial magazine, recognized Vietjet as “Best Low-Cost Carrier” and “Best Financial Management by an Airline”.
 Vietjet has expanded its international flight network and plans to carry 27 million passengers in 2024 (photo: N.Q)
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Aggressive Growth Plan for 2024
Following the achievements of 2023, Vietjet continues to lead the way in connecting Vietnam with the world, bringing the world to Vietnam; since the beginning of 2024, under the slogan “Fly to the World, Refresh Yourself,” Vietjet has continued to announce and open new international routes including Phu Quoc – Taipei (Taiwan, China), Ho Chi Minh City – Chengdu, Xi’an (China), Ho Chi Minh City – Vientiane (Laos), and routes from Hanoi to Hiroshima (Japan), Sydney, and Melbourne (Australia).
In addition, Vietjet remains a key player in connecting localities, driving economic recovery, and development across all regions.
Leveraging its advanced digital technology platform and comprehensive aviation service ecosystem, Vietjet continuously introduces new and innovative products and services, relentlessly striving to enhance the customer experience and bring joy and satisfaction to all its customers.
In terms of its 2024 plan, the Annual Meeting has approved an air transport revenue target of over 59,000 billion VND and a consolidated revenue target of over 65,500 billion VND, representing increases of 10% and 12.4%, respectively, compared to 2023; safely operating 142,000 flights and carrying 27.4 million passengers.
The Annual Meeting approved a profit distribution plan for 2024, with dividends and interim dividends in cash and shares at a maximum rate of 25%.
The Annual Meeting also approved several important matters aimed at further strengthening growth, adapting flexibly to market developments, leading the trends, and creating new opportunities. Vietjet will maintain its stable position in the domestic market, focus on expanding its flight network worldwide with new destinations in South Asia, Central Asia, Australia, and towards Europe.
