Vietjet surpasses 1HFY ’23 target by 120 per cent

Ho Chi Minh city, July 22nd 2020: An Airbus A321NX of Vietjet Air was departing from runway 25L of Tan Son Nhat International Airport.

By Zach Havard

Vietjet is continuing to rapidly expand its international network and has released its 1HFY ’23 figures which indicate a strong position for the carrier.

In the first half of 2023, Vietjet achieved a consolidated revenue of VND29,770 billion (AUD $8.36b) – a remarkable 87per cent year-on-year and surpassing the H1 target by 120 per cent.

Ancillary revenue played a significant role, contributing 40 per cent of the total revenue, and doubling to VND9,000 billion (AUD $580 m) compared to the previous year. The airline also
achieved a consolidated after-tax profit of VND387 billion (AUD $24.9m).

Vietjet Aircraft glowing on the runway. (Supplied)

The ongoing expansion is not only catalysing growth in trade, tourism, and cultural exchange wherever it extends its wings but also earning Vietjet the distinguished reputation of an “air ambassador.”

The airline is steadfast in its commitment to fostering connections between Vietnam, Southeast Asian nations, and nearly 100 destinations worldwide.

Vietjet has reported a remarkable increase in international passengers of 3.5 million in the first half of 2023, accounting for more than 50 per cent of the total 6.9 million international passengers to and
from Vietnam.

It has become a bridge for global trade, investment, tourism, and cultural exchange.

In the second quarter of 2023, the airline opened 11 new international routes to Australia,
Indonesia, and India, expanding its flight network to 120 routes (of which 75 are international and
45 are domestic).

Since mid-April, the carrier has opened and operated three direct routes from Ho Chi Minh City to the three largest cities in Australia: Sydney, Melbourne, and Brisbane.

Prior to 2023, the annual passenger count on the Vietnam-Australia route averaged around 500,000. Following Vietjet’s April launch, weekly passengers have doubled, paving the way for a projected total of over one million passengers by year-end.

Additionally, the airline’s fourth Australian route, connecting Ho Chi Minh City to Perth, is poised to launch in November.

Vietjet’s international routes, with reasonable fares and high-quality services, have contributed to
connecting cultures, bridging the geographical distance between Vietnam and Asia Pacific
countries and bringing people in the region closer.

The carrier has placed a strong focus on sustainable aviation development to fly passengers on flights that are
fuel-efficient while reducing CO2 emissions. Such is hoped to inspire more actions towards a green
future, mitigating the impact of natural disasters and pandemics while bringing better values to the
world. It also uses eco-friendly materials such as meal trays made from local bamboo and areca
palm leaves.

Vietjet has also accelerated the application of technology and digital transformation,
moving towards paperless operations and streamlining processes to improve efficiency and
minimise unintended environmental impacts.

As of June 30, 2023, Vietjet’s total assets reached over VND71,500 billion (AUD $4.6b) while the debt/equity ratio and the liquidity ratio were 1.2 and 1.5 respectively, all of which are within good range of the aviation industry.

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