Vietjet announces 2023 audited report, with strong growth in international flight network

The audit results recorded individual air transport revenue of VND53.7 trillion, consolidated revenue of VND58.3 trillion. Growth was 62% and 45% respectively compared to the same period in 2022. Notably, pre-tax and consolidated air transport profits returned to positive levels, reaching VND471 billion and VND606 billion respectively.

Ancillary and cargo revenue reached nearly VND21 trillion, up from the self-reported results and up more than 60% compared to 2022, contributing 39% of total air transport revenue.

Audited financial results show that Vietjet will achieve positive air transport profits in 2023. - Photo: TL

As of December 31, 2023, Vietjet's total assets reached more than VND86.9 trillion. The company's debt/equity ratio is only 2 times compared to the world's normal level of 3-5 times. The liquidity ratio of 1.3 times is at a good level in the aviation industry. Cash and cash equivalents balance as of December 31, 2023 reached VND5,051 billion, 2.7 times higher than the same period last year, ensuring the airline's financial capacity.

Vietjet is also at the forefront of credit ratings under the direction of the Ministry of Finance . The company has a credit rating of VnBBB-, among the highest among Vietnamese enterprises.

In 2023, Vietjet contributed about 5,200 billion VND in direct and indirect taxes and fees to the budget.

Pioneer in expanding international flight network

Continuing to maintain and develop the domestic flight network and focus resources on expanding international flights, in 2023, Vietjet safely operated 133,000 flights, transporting 25.3 million passengers, including more than 7.6 million international passengers, an increase of 183% compared to 2022.

Vietjet opened 33 new international and domestic routes, bringing the total number of routes to 125, including 80 international routes and 45 domestic routes.

Prime Minister Pham Minh Chinh and leaders of ministries and sectors attended the ceremony to announce the opening of the Hanoi - Jakarta (Indonesia) flight route - Photo: TL

These include flights from Ho Chi Minh City to Shanghai (China), Ho Chi Minh City to Vientiane (Laos), Hanoi to Siem Reap (Cambodia), Hanoi to Hong Kong (China), Phu Quoc to Taipei (Taiwan, China), Phu Quoc to Busan (Korea), Jakarta, Bali (Indonesia)...

The airline is also the airline with the most flights from Vietnam to India and Australia, helping to connect trade and tourism with two countries with great potential.

From the beginning of 2024 until now, Vietjet continues to open more direct flights connecting Hanoi capital with Sydney, bringing the total number of routes connecting Vietnam - Australia to 07 routes.

The flight from Ho Chi Minh City to Brisbane is one of 7 direct flights from Vietnam to Australia by Vietjet - Photo: TL

The airline also opened direct flights from Hanoi to Hiroshima (Japan) and Ho Chi Minh City to Chengdu (China), providing convenient travel and trade opportunities between countries.

On the domestic flight network, Vietjet launched the Hanoi - Dien Bien route, contributing to bringing tourists back to the historical site where the Dien Bien Phu victory was made.

The airline's flights achieved an average seat utilization rate of 87% and technical reliability of 99.72%.

Passengers on Vietjet's first flight connecting Hanoi with Dien Bien on the occasion of the 70th anniversary of Dien Bien Phu Victory - Photo: TL

Developing a safe, modern, environmentally friendly fleet

Sustainable development (ESG) will continue to be the airline's long-term strategic goal, and is also an important factor contributing to Vietjet's success by helping to optimize resources, save fuel and reduce CO2 emissions with a new and modern fleet.

In order to meet the needs of exploitation, Vietjet continuously invests in new generations of modern, safe and environmentally friendly aircraft in its fleet. As of December 31, 2023, Vietjet's fleet consists of 105 aircraft, including wide-body A330s.

Starting the journey to reduce CO2 emissions more than 10 years ago, by 2023, Vietjet's fleet has grown, contributing significantly to the airline's success by optimizing resources, saving 15 - 20% of fuel, and especially protecting the environment, developing sustainably, implementing research and development activities for green technologies...

Contributing to increasing turnover between Vietnam and the United States, in 2023, Vietjet reached an agreement with Boeing to continue the plan to deliver 200 737 MAX aircraft in the next 5 years and aircraft financing agreements with foreign financial institutions worth billions of USD.

Focusing on safety, Vietjet has organized many conferences, training courses, and drills on safety and security such as the Quality Safety Conference; Ground Operations Safety Training Course according to ISAGO international standards; Emergency Response Drills to proactively respond, ensuring absolute security and safety for flight operations.

Vietjet continues to be honored by AirlineRatings in the group of the world's safest low-cost airlines.

Vietjet's ground service company operates effectively, improving the quality of ground service operations and reducing operating costs at airports. In addition to proactive ground service operations, Vietjet has begun to proactively carry out aircraft technical maintenance and repair. In 2023, Vietjet put into operation an international-standard aircraft maintenance and technical center in Vientiane (Laos).

With the strategy and vision of building and developing international standard aviation human resources, Vietjet Aviation Academy (VJAA) has become a training partner of the International Air Transport Association (IATA).

In 2023, VJAA trained more than 97,000 students with 6,300 courses; proactively trained pilots and specialized technical staff (CRS) to meet technical needs. The Academy also put into operation the No. 3 simulator cockpit, continuing to be the leading international pilot training center in the region.

2023 marks a new, comprehensive development milestone for the airline with a widely expanded mid-range international flight network, ready to meet domestic transportation needs and continue plans to expand the international flight network further.

Nha Phuong

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