Aviation Industry – Strong Growth in 2025
The COVID-19 pandemic severely impacted the aviation industry during 2020-2021. However, as countries began reopening, the sector rebounded with a remarkable 230% growth in 2022. This growth was inconsistent during 2023-2024.
According to the Civil Aviation Authority of Vietnam (CAAV), the Vietnamese aviation market is expected to recover and grow by approximately 8% in 2025. This is an impressive figure, especially considering the World Bank’s (WB) latest Vietnam Economic Update report in September 2025, which forecasts a GDP growth of only 6.6%.
GDP and Aviation Industry Growth Rates, 2016-2025F
Source: General Statistics Office (NSO), Civil Aviation Authority of Vietnam (CAAV), and World Bank (WB)
The primary growth drivers are the robust recovery of tourism, particularly international visitors (as shown in the chart below), and the expansion of fleets by major airlines such as Vietjet Aviation Joint Stock Company (HOSE: VJC), Vietnam Airlines Corporation (HOSE: HVN), and Bamboo Airways.
Passenger Structure at Vietnamese Airports, 2016-2025F
(Unit: Million passengers)
Source: Airports Corporation of Vietnam (ACV)
Market Share of Vietnamese Airlines in the First 8 Months of 2025
The domestic aviation market share continues to be dominated by two major players: Vietjet Aviation Joint Stock Company (HOSE: VJC) and Vietnam Airlines Corporation (HOSE: HVN).
Data from the Civil Aviation Authority of Vietnam (CAAV) reveals that Vietjet and Vietnam Airlines hold nearly 90% of the domestic market share, establishing a clear duopoly. Specifically, in the first 8 months of 2025, Vietjet secured 44.7% of the domestic market share, while Vietnam Airlines captured 44.4%. Including Pacific Airlines and VASCO, the total market share of the Vietnam Airlines Group (*) reached 48.2%.
(*) Vietnam Airlines Group comprises Vietnam Airlines, Pacific Airlines, and VASCO.
The remaining market share is limited to emerging airlines like Bamboo Airways and Vietravel Airlines. This indicates that smaller airlines face challenges in expanding their market share due to the significant advantages held by VJC and HVN.
Domestic Passenger Market Share in the First 8 Months of 2025
Source: Civil Aviation Authority of Vietnam (CAAV)
Enterprise Analysis Department, Vietstock Consulting
– 08:54 16/10/2025
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