According to the consolidated 2019 first-half business results of the Vietnam Airlines Group (stock code: HVN), the carrier earned VND51.66 trillion ($2.22 billion) in revenue, up 5.5 percent year-on-year.

However, pre-tax profits are estimated at VND1.65 trillion ($70.92 million), down 11 percent compared to 2018. The carrier attributed the decline to fierce competition in the aviation market, exchange rate volatility, and rises in fuel prices.

Vietnam Airlines Group accounts for nearly 51 percent of the domestic market share in passenger transport, taking into account Jetstar Pacific and VASCO, two of its affiliates in which it holds majority stakes.

The country’s largest airline by passengers has been facing rising competition from private budget carrier Vietjet and others like the latest player Bamboo Airways.

It listed on the Ho Chi Minh Stock Exchange (HoSE) on May 2. The company’s market capitalization is currently over VND62 trillion ($2.66 billion).