**VIETJET AIR ACHIEVES NEW MILESTONES WITH IMPRESSIVE GROWTH IN REVENUE AND FLEET EXPANSION**
MEETING TARGETS: NEW AIRCRAFT DELIVERIES AND IMPRESSIVE REVENUE GROWTH
According to the financial report for Q4 2024, Vietjet’s aviation revenue reached VND 19,776 billion, with a profit after tax of VND 167 billion, marking a growth of 36% and 247%, respectively, compared to the same period in 2023. For the full year 2024, Vietjet’s aviation revenue reached VND 71,545 billion, with a profit after tax of over VND 1,301 billion, representing a remarkable growth of 33% and 697% year-on-year.
The consolidated business results for Q4 show a revenue of VND 19,797 billion and a profit after tax of over VND 21.4 billion, an increase of 36% and 8%, respectively, compared to the same period in 2023. For the full year 2024, revenue from sales and services reached VND 71,859 billion, with a profit after tax of over VND 1,426 billion, reflecting a significant year-on-year growth of 23% and 516%.
In 2024, Vietjet transported over 25.9 million passengers on 137,000 flights, operating a total of 145 routes, including 44 domestic and 101 international routes. Vietjet has become the airline with the largest passenger volume in Vietnam.
Vietjet successfully achieved its target of adding 10 new aircraft to its fleet in 2024, bringing the total count to 94, with the youngest fleet age in the region. The airline maintained a high seat utilization rate of 87% and a technical reliability of 99.72%.
As of December 31, 2024, Vietjet’s total assets reached nearly VND 99,500 billion. The debt-to-equity ratio stood at 2.12, and the liquidity ratio was 1.71, both within the safe range for the aviation industry.
The company’s cash balance, bank deposits, and cash equivalents exceeded VND 7,700 billion, along with a working capital limit, ensuring its payment capabilities.
Vietjet contributed over VND 7,500 billion in direct and indirect taxes, fees, and charges in 2024.
EXPANDING INTERNATIONAL ROUTES: A KEY STRATEGIC FOCUS
The positive business results are a testament to Vietjet’s strategic focus on expanding its international network while maintaining a stable domestic network. This approach has allowed the airline to tap into new markets, enhance connectivity between Vietnam and other countries in the region and beyond, and boost tourism, trade, and investment.
In Q4 2024, Vietjet launched direct flights from Da Nang to Ahmedabad (India) and Xi’an (China) to Ho Chi Minh City. The airline also increased the frequency of flights between Ho Chi Minh City and Perth (Australia) and other regional destinations, including South Korea, Japan, and Hong Kong.
Vietjet signed a cooperation agreement with Emirates to enhance connectivity between major cities in Vietnam and Dubai (UAE) and global destinations. Additionally, the airline announced new direct routes to Hyderabad and Bangalore (India) and Beijing and Hangzhou (China), further solidifying its presence in these two populous and promising markets.
Vietjet has been at the forefront of research and development, consistently working towards reducing emissions and embracing green transformation and sustainable ESG practices. The CFM LEAP engine series reduces fuel consumption and CO2 emissions by 15% to 20% compared to previous-generation engines.
To ensure the highest standards of safety and quality, Vietjet and CFM International reaffirmed their commitment to supplying more than 400 LEAP-1B engines and providing maintenance services for the airline’s narrow-body aircraft fleet, valued at USD 8 billion. Vietjet also signed an agreement with Castlelake for a long-term financing arrangement worth USD 560 million.
A NEW ERA: VIETNAM – USA FLIGHTS AND BEYOND
As we step into 2025, Vietjet marks a significant milestone with its first flight from Vietnam to the United States. During this inaugural journey, discussions were held regarding strategic partnerships worth approximately USD 14 billion with leading US-based corporations. These agreements build upon Vietjet’s existing strategic alliances with industry leaders such as Boeing, GE, CFM, Pratt & Whitney, and Honeywell, with a total value of nearly USD 50 billion.
Vietjet is expected to receive the first 14 Boeing 737 Max aircraft out of a total order of 200, significantly enhancing its cargo and passenger-carrying capacity to meet the growing travel demands of domestic and international passengers.
The airline is actively negotiating with SpaceX and other providers of in-flight internet solutions to equip its entire fleet with the latest technology. This commitment to innovation and digital transformation will ensure a continuous enhancement of service quality.
The Rise of Vietnamese Aviation: Two Local Carriers Soar into the ASEAN Top Ranks, Surpassing National Carriers of Thailand, Singapore, and Malaysia
The two leading Vietnamese airlines boast an extensive flight network, offering passengers a vast range of destinations and an unparalleled travel experience. With a strong presence in the aviation industry, these airlines have established themselves as key players, providing convenient and efficient travel options to locals and international travelers alike. Their comprehensive route maps showcase a commitment to connecting people and places, ensuring that Vietnam remains a well-connected and accessible destination.
The Green Revolution: Unlocking the Power of Carbon Credits
Minister Le Minh Hoan emphasized that the carbon credit market is a novel concept for both the world and Vietnam. The potential benefits are immense if citizens embrace the 1-million-hectare project of high-quality, low-emission rice production.
The Green Finance Framework: Pioneering Sustainability at HDBank
HDBank has unveiled its Sustainable Finance Framework, aligned with the standards set by the International Capital Market Association (ICMA) and the Loan Market Association (LMA). This framework was developed with technical support from the International Finance Corporation (IFC) and received a “very good” rating from Moody’s.
The Evolution of Vietnam’s Textile Industry: Navigating Challenges and Opportunities
The textile industry witnessed a remarkable recovery in 2024, paving the way for a confident and ambitious future. This resurgence lays the foundation for the sector to continue its strategic development, with a vision to thrive and excel in 2025 and beyond, marking a new era of prosperity and progress.
The New Travel Trend: Exploring Domestic Destinations
A shift in travel preferences is evident, with 49% of Vietnamese travelers opting for domestic locations, while a remarkable 70% of Thai and Japanese tourists favor exploring their own countries.
Traveloka, the leading travel platform in Southeast Asia, has partnered with YouGov to unveil its latest research study titled, “Redefining Travel: Understanding and Catering to the Evolving Needs of APAC Travelers.”
