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Vietjet indicates solid base for airline’s post-viral recovery

Mark Hughes / Khmer Times Share:
Vietjet President CEO Nguyen Thi Phuong Thao at the company’s annual general shareholders’ meeting. Supplied

According to its executive board, Vietjet airline showed strong growth and sustainable development with positive business results over the last year, carrying more than 25 million passengers.

In 2019, Vietjet’s consolidated pre-tax revenue and profit in 2019 were VND 50,603 billion (around $2.2 billion) and VND 4,569 billion in profits (around $200 million).

Vietjet’s audited air transport revenue reached VND 41,252 billion (around $1.8 billion) and VND 3,869 billion (around $170 million) in profit before tax, an increase of 22 percent and 27 percent compared with 2018.

During the year, Vietjet added 34 new routes, increasing the flight network to 139 routes, 44 domestic and 95 international, reaching the 100 million passenger milestone, creating a solid base for Vietjet’s post-pandemic rebound.

Vietjet received a number of prestigious awards in 2019 and continued to invest in Aviation Academy which is now one of the region’s leading modern-scale, specialised institutions for aviation training.

All of these successes achieved in 2019 have helped Vietjet become a major airline that significantly contributes to the development of Vietnam’s aviation industry as well as both the national and global economic recovery, say insiders.

The figures were released at Vietjet Aviation Joint Stock Co’s 2020 annual general shareholders’ meeting (AGM) to review its business results from 2019, vote for the approval of audited financial statements and discuss the company’s development plan for 2020.

From the beginning of 2020 until now, the Vietnam aviation industry has been severely affected by the COVID-19 pandemic but, as soon as the domestic market resumed, Vietjet quickly implemented a campaign called “Returning to the sky” and inaugurated eight new routes, increasing the domestic flight network to a total of 53 routes.

Thai Vietjet is also the first airline to reopen operations in Phuket Airport, expanding its network with five new domestic routes in Thailand.

It is expected that Vietjet will operate 90 aircraft with more than 118,000 flights and transport more than 20 million passengers by the end of 2020 based on the fact that the Vietnamese government is implementing many programmes and solutions to support airlines such as tax and fee reductions and loans with low rates.

In 2020, Vietjet will concentrate on carrying out cost-optimising with the aim that air transport, its core business, will reach break-even point by the end of 2020.

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