Most saw revenues fall as the pandemic hit air travel, but at different rates, making for a K-shaped recovery, as logistic firms only suffered slight drops owing to the revival in the second half of the year.

Noibai Catering Services (NCS), the first firm to provide in-flight meals at Hanoi’s Noi Bai Airport, saw revenues plummet by 60.7 percent to VND254 billion ($11 million). It reported a loss of VND52 billion.

"NCS’s business performance was severely affected by carriers suspending or cutting down flights from and to Noi Bai Airport amid the Covid-19 pandemic," a spokesperson said.

The Southern Airports Services Joint Stock Company, which runs business class lounges and duty-free shops and provides catering and transportation services at HCMC’s Tan Son Nhat Airport, reported a 70 percent fall in revenues to VND918 billion. Its profit was 50 percent down to VND149 billion.

Taseco Air Service JSC, which provides tourism services, runs restaurants and hotels and is the advertising contractor at several airports across Vietnam, said revenues and profits fell by 51 percent and 84 percent.

Its Da Nang International Airport counterpart, Danang Airport Service JSC, posted a VND11 billion loss.

Cam Ranh International Airport Services JSC, which offers a comprehensive range of services to passengers and airlines at Cam Ranh International Airport in Nha Trang, reported a VND45 billion loss.

However, in the second half of the year, cargo transport demand recovered.

Saigon Cargo Service Corporation, which provides cargo handling and warehousing services at Tan Son Nhat Airport, said fourth quarter revenues and profits returned to 2019 levels. For the full year, they were VND700 billion and VND500 billion. Its profits downed nearly 10 percent from the previous year.

Noi Bai Cargo Terminal Services JSC also saw a steep recovery in the fourth quarter as revenues and profits increased by 5.8 percent and 12 percent year-on-year.

For the full year they were only down 3 percent and 6 percent.

SSI Securities Corporation has forecast another difficult year for the aviation industry in 2021 as the U.K. coronavirus variant is spreading quickly and new outbreaks are emerging in many countries.

However, "the future of the aviation industry could be brighter when large-scale Covid-19 vaccination is done. This can only happen in the second half of 2021."

It said airlines would mainly focus on the domestic market in 2021 since international travel would not resume until the end of the year, and the international aviation market could recover next year.