Vietnam Airlines achieved third quarter revenue of nearly 1 billion USD

Vietnam Airlines achieved revenue of nearly 1 billion USD in the third quarter. — Vietnam Airlines experienced growth in the third quarter of 2023. (Photo: Vietnam Airlines)

Vietnam Airlines recorded consolidated revenue of over 23,750 billion VND (nearly 1 billion USD), an increase of over 11% compared to the same period last year.

This also represents the company's highest quarterly revenue since the pandemic began in early 2020 and is close to its average quarterly revenue in 2019 before the pandemic.

This positive result stems from the gradual recovery of the transportation market and Vietnam Airlines' proactive implementation of a series of short-term and long-term solutions such as flexible management of transport capacity, maximum cost reduction, and negotiation for service price reductions…

This effort also helped reduce the loss in the third quarter of 2023 compared to the third quarter of 2022.

Furthermore, the transportation business has not yet achieved a balance between revenue and expenditure due to the incomplete recovery of the international market, especially key markets such as China and Japan. Factors such as international conflicts, financial risks, and input costs like fuel prices, exchange rates, and interest rates continue to negatively impact business performance.

Vietnam Airlines has completed the restructuring plan for the Corporation for the period 2021-2025 and submitted it to shareholders and competent authorities for approval.

In the plan, in 2023 and subsequent years, the Corporation will implement a comprehensive set of solutions to address the consolidated loss and negative consolidated equity, as well as implement solutions to enhance adaptability and improve business performance; restructure assets and financial investment portfolios to increase income and cash flow; and prepare the necessary conditions for implementing the share issuance plan to increase equity after approval by the competent authority.

In the third quarter of this year, Vietnam Airlines also implemented many large-scale programs and projects.

During the US President's official visit to Vietnam, Vietnam Airlines and Boeing signed a memorandum of understanding for the sale of 50 Boeing 737 MAX narrow-body aircraft worth $10 billion.

Vietnam Airlines currently has a fleet of 100 aircraft, including 65 narrow-body planes, operating more than 97 routes to 21 domestic and 29 international destinations, connecting major cities around the world with attractive tourist destinations in Vietnam.

Vietnam Airlines also successfully hosted the 2023 World Aviation Safety and Operations Conference, creating an opportunity for the airline to emphasize and raise awareness of the paramount importance of ensuring safety in its operations.

Vietnam Airlines is an airline with a high level of safety control and performance within the International Air Transport Association (IATA), having consistently achieved the IOSA operational safety certification for the 10th time over nearly two decades since becoming an IATA member; achieving a Proactive rating of 4.0 on a 5-point scale for safety culture and receiving the maximum safety rating of 7/7 from Airlines Rating.

Vietnam Airlines has consistently received prestigious regional and global awards such as “Asia’s Leading Airline for Economy Class”, “Asia’s Leading Airline for Cultural Identity”, “Asia’s Leading Airline for Crew Service”, and “Asia’s Leading Airline for In-Flight Magazine” at the World Travel Awards 2023; Top 20 Best Airlines in the World by Airlines Ratings 2023; “5-Star International Airline” awarded by The Airline Passenger Experience Association (APEX); and the airline with the strongest contribution to sustainable development solutions (Boldest Move) awarded by the SkyTeam airline alliance.

With 30 years of steady growth and a modern airline with a widely recognized brand thanks to its distinct cultural identity, Vietnam Airlines is aiming to become a leading 5-star international airline in the Asian region.

Source