HCM City (VNA) – Private carrier Vietjet achieved impressive business growth in 2024, expanding its international flight network and modern fleet while driving record revenue and profit.
The airline’s continued success marks a significant milestone in its recovery and expansion after the COVID-19 pandemic.
Strong operational growth with record revenue
According to the financial results for Q4-2024, Vietjet recorded aviation revenue of 19.776 trillion VND (approx. 784 million USD) and after-tax profit of 167 billion VND (6.6 million USD), representing a 36% and 247% YoY (year-on-year) growth, respectively.
For the entire year of 2024, the airline's aviation revenue reached 71.545 trillion VND (approx. 2.8 billion USD), with after-tax profit exceeding 1.3 trillion VND (51.6 million USD), increasing by 33% and 697% YoY, respectively.
In the final three months of 2024, Vietjet's consolidated revenue also saw a strong performance, totaling 19.797 trillion VND (785 million USD), while after-tax profit reached 21.4 billion VND (848,000 USD), reflecting respective YoY increases of 36% and 8%. For the year, the airline recorded 71.859 trillion VND (2.85 billion USD) in consolidated revenue, with after-tax profit surpassing 1.426 trillion VND (56.5 million USD), witnessing year-on-year rises of 23% and 516%, respectively.
As of December 31, 2024, Vietjet's total assets amounted to nearly 99.5 trillion VND (3.95 billion USD), with a debt-to-equity ratio of 2.12 and a liquidity ratio of 1.71, both considered within the safe zone for the aviation industry.
In 2024, Vietjet transported over 25.9 million passengers with 137,000 flights across 145 routes, including 44 domestic and 101 international routes. The airline has recorded the highest volume of passengers among Vietnamese carriers.
Vietjet also successfully met its target of receiving 10 new aircraft in 2024. Its expanding fleet operates with an average load factor of 87% and a technical reliability rate of 99.72%.
International expansion and first US flight
The airline’s strong business results reflect its strategy to expand internationally while maintaining a stable domestic network. In Q4-2024, Vietjet launched direct flights between Da Nang and Ahmedabad (India), as well as between Hanoi and Kuala Lumpur (Malaysia). The airline also increased its flight frequency on key routes to the Republic of Korea, Japan, and other destinations.
Vietjet has signed a cooperation agreement with Emirates to boost connectivity between Vietnam and Dubai (UAE), as well as global destinations. The airline has also announced new direct routes to Hyderabad and Bangalore (India), and to Beijing and Guangzhou (China), deepening connections with these two populous and high-potential markets.
In a historic development, Vietjet has operated its first-ever flight from Vietnam to the United States. During this landmark trip, the airline discussed collaborations worth approx. 14 billion USD with strategic U.S. partners. These discussions follow previous agreements with Boeing, GE, CFM, Pratt & Whitney, and Honeywell, collectively valued at nearly 50 billion USD. Additionally, the airline is exploring cooperation with SpaceX and in-flight internet technology providers to support its fleet, embracing digital innovation to improve customer experiences.
Entering 2025, Vietjet is committed to maintaining its pioneering position in connecting Vietnam with the world through an ever-expanding international flight network. The airline aims to be a leader in both sustainability and technology, contributing to global trade, investment, and cultural exchange.
Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline was awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal. The airline has also been named as Best Low-Cost Carrier by renowned organisations such as Skytrax, CAPA, Airline Ratings, and many others./.
