Vietjet reports stronger-than-expected performance in H1: Financial statement: Vietjet’s performance in the first six months of 2024 surpasses that of pre-pandemic 2019. (Photo: Vietjet)

In the first six months of 2024, Vietjet’s performance surpassed that of pre-pandemic 2019. The airline transported a total of 13.1 million passengers on 70,154 safe flights.

For the second quarter of 2024 (Q2/2024), Vietjet reported air transport revenue of 15.128 trillion VND (approx. 601 million USD) and a pre-tax profit of 517 billion VND (approx. 20.57 million USD), marking year-over-year growth of 23% and 683%, respectively.

Over the six-month period, cumulative air transport revenue reached 32.893 trillion VND (approx. 1.3 billion USD), up 31% year-over-year. Pre-tax profit for this period was 1.174 trillion VND (approx. 46.77 million USD), surging by 690% compared to the previous year.

Vietjet’s consolidated revenue for H1/2024 totaled 34.016 trillion VND (approx. 1.35 billion USD), with a consolidated pre-tax profit of 1.311 trillion VND (approx. 52million USD), representing increases of 15% and 433% year-over-year, respectively. The profit has even exceeded the H1/2024 target by 21%.

As of June 30, 2024, Vietjet's total assets amounted to over 91.755 trillion VND (approx. 3.65 billion USD). The airline’s debt-to-equity ratio remained at around 2, well below the global average of 5. Cash and cash equivalents by the end of Q2/2024 were reported at 4.1 trillion VND (approx. 163.18 million USD).

According to Saigon Ratings, an independent credit rating organisation, Vietjet has maintained a long-term credit rating of vnBBB- with a "stable outlook”. Given the airline’s remarkable recovery and proactive planning for the past two years, Vietjet is expected to make breakthrough developments faster and more sustainably in the medium to long term.

In H1/2024, Vietjet paid a total of nearly 3.69 trillion VND (approx. 146.78 million USD) in direct and indirect taxes and fees.

Leading international expansion

Vietjet operates more than 149 routes across Vietnam and internationally, including 38 domestic routes and 111 international routes.

Vietjet has launched new routes connecting Ho Chi Minh City with Xi'an (China), Phu Quoc with Taichung and Kaohsiung (Taiwan), and Ho Chi Minh City with Vientiane (Laos).

The airline has also announced the Nha Trang - Daegu route, which will commence operation in October 2024. It solidifies Vietjet’s position as the largest airline in terms of routes connecting Vietnam and the Republic of Korea after a decade of serving nearly 10 million passengers across more than 37 routes between the two countries.

Regarding the Asia-Australia transcontinental route, Vietjet has added two new routes from Hanoi to Melbourne and Sydney, bringing the total number of services between Vietnam and Australia to seven. This expansion enhances connectivity for travel, tourism, investment, trade, overseas study, and family visits. Together with the five routes from Ho Chi Minh City to the five largest cities in Australia, Vietjet now operates the most routes between Vietnam and Australia, with 58 flights per week.

Growing a modern, green fleet

Operating a fleet of more than 105 aircraft (including those of Vietjet Thailand) with the number of passengers growing annually, Vietjet is actively expanding its flight network intercontinentally, developing a new, modern, and environmentally friendly fleet.

Embracing a strategy and vision of building and developing aviation human resources of international standards, Vietjet Aviation Academy (VJAA) has become a training partner of the International Air Transport Association (IATA). In H1/2024, VJAA trained more than 43,000 students in 3,898 courses, including pilots and aircraft engineers (CRS). The Academy also commissioned the third simulation cockpit, reinforcing its status as a leading international pilot training center in the region.

Vietjet has welcomed many trainees to study in a multinational working environment, providing them with knowledge and practical experience. The airline also accompanied universities in career orientation for students, introducing work opportunities at Vietjet.

Vietjet has pioneered research into the development and use of sustainable aviation fuel, eyeing to become a green airline that leads in technology and activities associated with sustainable development.

To support its expanding global flight network, Vietjet signed with Airbus an order for 20 new- generation wide body A330neo aircraft worth 7.4 billion USD at the Farnborough International Airshow in July 2024.

Vietjet was honored by the world's leading financial magazine International Finance as "Best Low-cost Airline in Southeast Asia" and "Best Finance-Management-Aviation-Vietnam"; "Best Ultra Low-cost Airline" and "Best Low-cost Airline Onboard Hospitality” by AirlineRatings; and was in Forbes’ top 50 best-listed companies in Vietnam in 2024.

2024 also marks the airline’s new milestone of comprehensive development with its expansive mid-range international network, being ready to meet domestic transport demand while further preparing for additional international routes.