Vietjet said it aims to maintain domestic market share, promoting cooperation and joint ventures to expand international flight routes.
The airline is eyeing air transport revenue and consolidated revenue to surpass VND59 trillion (approx. US$2.32 billion) and VND65.5 trillion (approx. US$2.57 billion) respectively, increasing by 10% and 12.4% YoY in the given order. Vietjet is expected to safely operate142,000 flights with more than 27.4 million passengers onboard. The airline also approved the 2024 profit distribution plan, in which dividends and advanced dividends will be paid in cash and stock at a maximum ratio of 25%.
The financial statements for 2023 showed that despite the challenging economic situations in Vietnam and the world with volatile exchange rates and high oil prices. The expansion of its international network drove robust revenue, resulting in a positive balance sheet with financial indicators multiplying.
Vietjet safely operated 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally. In 2023, Vietjet launched 33 new domestic and international routes. It became the largest airlines operating between Vietnam and five biggest cities of Australia while having opened several routes to the Indian market and in particular the direct flightconnecting Hanoi and Jakarta (Indonesia) which had been off the radar of any airlines for decades. Vietjet also increased its flight frequency to Northeast Asian countries, becoming the airline with the highest frequency from Vietnam to Japan and South Korea.
Effectively operating the current flight network while opening new international routes have resulted in impressive business performance for Vietjet in 2023. Seperate and consolidated revenue were reported at VND53.7 trillion (approx. US$2.16 billion) and VND58.3 trillion (approx. US$2.35 billion) respectively. As of December 31, 2023, Vietjet’s total assets totalled more than VND86.9 trillion (approx. US$3.43 billion). The cash and cash equivalents balance was reported at VND5,051 billion (approx. US$203 million), more than 2.7 times higher YoY, ensuring the airline’s financial capacity.
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