In approximately one month, the aviation market will enter its peak business season of the year—the 2026 Lunar New Year. Currently, airlines are rushing to add more aircraft and increase flights to meet passenger demand.
Race to Import Aircraft and Expand Networks
Vietnam Airlines has announced the sale of an additional 60,000 seats across nearly 300 flights, focusing on the peak period from February 9 to March 3, 2026 (December 22 to January 15 in the lunar calendar). Alongside increasing capacity, Vietnam Airlines is launching four new routes from Hai Phong to Nha Trang, Can Tho, Buon Ma Thuot, and Phu Quoc, catering to diverse travel needs and reducing pressure on trunk routes during the Tet holiday.
At Vietravel Airlines, in addition to existing routes, starting February 1, 2026, the travel-focused airline will introduce a new route from Ho Chi Minh City to Vinh. This marks the airline’s first route to the North Central region, with a high frequency of three flights daily during the Lunar New Year period.
“The airline is actively bolstering resources, from aircraft to pilot and crew personnel, and coordinating with authorities to increase flights, including night operations, to boost supply and meet passenger demand during Tet 2026,” said a Vietravel Airlines representative.
 Sun PhuQuoc Airways, the newest airline entering the market for Tet 2026. Photo: LAM GIANG |
Notably, this year’s Tet aviation market sees the entry of Sun PhuQuoc Airways (SPA), part of Sun Group. In just over two months since commencing commercial operations, SPA has imported a total of six aircraft and is preparing to add two Airbus A320s. This newcomer’s operation of routes between Ho Chi Minh City and Hanoi to Phu Quoc and Cam Ranh will help meet passenger demand during the 2026 Lunar New Year peak.
Vietjet has also added three aircraft in late 2025 and early 2026, part of 22 new aircraft introduced in less than a month—the largest fleet expansion in the airline’s history.
Similarly, Bamboo Airways recently received a new aircraft as part of its efforts to restore its fleet under the renewed management of FLC Group. The airline aims to return its fleet to the government-approved size of 30 aircraft by 2030.
The aviation sector is not only witnessing increased competition among airlines but also seeing private enterprises enter airport infrastructure, previously dominated by state-owned giants. The Gia Binh International Airport project in Bac Ninh Province, recently approved by the National Assembly, has been assigned to Masterise Group as the investor.
The project aims to rank among the world’s top 10 five-star airports according to Skytrax standards. Gia Binh International Airport will be built to international standards, handling approximately 30 million passengers and 1.6 million tons of cargo annually by 2030.
In August 2025, Masterise Group increased its charter capital from VND 6.7 trillion to over VND 35.2 trillion to execute the project. Notably, the group has committed to completing the project on schedule, including the APEC 2027 milestone.
Will Airfares Drop?
Contrary to expectations, despite more companies entering the aviation market, Tet 2026 airfares remain high and increasingly difficult to secure. Although airlines have added hundreds of flights—Vietjet with 380 and Vietnam Airlines with 270—prices remain elevated at VND 3.7–3.86 million per leg on the Ho Chi Minh City–Hanoi route, with seats already sold out.
Speaking to reporters, Dr. Pham Huong Trang, a lecturer in tourism and hospitality management at RMIT University Vietnam’s School of Business, noted that the scarcity and high cost of Tet air tickets are not anomalies but market norms.
According to Dr. Trang, factors influencing airfares include limited infrastructure capacity. Tan Son Nhat and Noi Bai airports are operating near maximum capacity, with peak-time slots in short supply—making it difficult for airlines to add favorable flight times.
“Operational costs are under pressure. Beyond fuel, insurance and aircraft maintenance costs have risen due to global inflation. Fluctuating USD/VND exchange rates have increased foreign currency expenses for aircraft leasing, engines, and insurance. Airbus and Boeing’s engine recalls have also impacted operations,” observed the RMIT Vietnam expert.
Experts note that Vietnam’s aviation market remains less competitive, with Vietnam Airlines and Vietjet controlling 85–90% of the market share. During holidays and Tet, tens of millions of passengers need to fly within a few days, exceeding the airlines’ limited capacity. The “imbalanced routes” phenomenon—one direction overcrowded, the other underutilized—forces airlines to adjust prices to balance revenue.
In its recent update, MBS Securities forecasts that Vietnam’s aviation sector will maintain strong growth in 2026, driven by rising international passenger numbers. Visa exemptions and affordable living costs make Vietnam an attractive tourist destination. Domestic passenger growth is expected to remain steady. Aircraft supply is projected to increase alongside airport infrastructure expansion, enhancing airlines’ operational capacity.
Will airfares decrease? According to Dr. Pham Huong Trang, airfares may drop, but not uniformly. Reductions of 5–10% are likely during off-peak periods or on routes with multiple operators, but ultra-low fares seen in previous years are unlikely. During peak holiday periods, prices will remain high due to demand exceeding supply.
Dr. Trang notes that competition primarily occurs among smaller airlines—Sun PhuQuoc, Bamboo, and Vietravel Airlines—through promotions and enhanced services rather than direct price competition. This sustainable approach avoids market imbalances. However, high input costs persist, and many private airlines have withdrawn due to financial challenges.
“For sustainable growth, new airlines need practical government support, including flight slots and tax incentives, to create a more favorable business environment,” Dr. Trang suggested.
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Leading the Trend According to the International Air Transport Association (IATA), the Asia-Pacific region, including Vietnam, remains one of the world’s fastest-growing aviation markets. To capitalize on this trend, Vietnam Airlines is advancing a project to invest in 50 narrow-body aircraft. Sun PhuQuoc Airways plans to expand its fleet to 20 aircraft; Bamboo Airways is in recovery mode; and Vietravel Airlines enjoys strong backing from T&T Group. The total fleet is expected to grow by 18%, outpacing passenger growth and fostering positive competition. |
THÁI PHƯƠNG
– 06:12 16/01/2026
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