Vietjet said it 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.
According to the financial results for Q4-2024, Vietjet recorded aviation revenue of VND19.776 trillion (approx. US$784 million) and after-tax profit of VND167 billion (approx. US$6.6 million), representing a 36% and 247% YoY (year-on-year) growth, respectively. For the entire year of 2024, the airline’s aviation revenue reached VND71.545 trillion (approx. US$2.8 billion), with after-tax profit exceeding VND1.301 trillion (approx. US$ 51.6 million), increasing by 33% and 697% YoY, respectively.
In the final three months of 2024, Vietjet’s consolidated revenue also saw a strong performance, totalling VND19.797 trillion (approx. US$785 million), while after-tax profit reached VND21.4 billion (approx. US$848,000), reflecting a respective YoY increase of 36% and 8%. For the year, the airline recorded VND71.859 trillion (approx. US$2.85 billion) in consolidated revenue, with after-tax profit surpassing VND1.426 trillion (approx. US$56.5 million), witnessing a rise of 23% and 516% YoY, respectively.
As of December 31, 2024, Vietjet’s total assets amounted to nearly VND99.5 trillion (approx. US$3.95 billion), 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%.
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 Ha Noi and Kuala Lumpur (Malaysia). The airline also increased its flight frequency on key routes to South 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. US$14 billion with strategic U.S. partners. These discussions follow previous agreements with Boeing, GE, CFM, Pratt & Whitney, and Honeywell, collectively valued at nearly US$50 billion. 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.
For Editorial Inquiries Contact:
Editor Matt Driskill at matt.driskill@asianaviation.com
For Advertising Inquiries Contact:
Head of Sales Kay Rolland at kay.rolland@asianaviation.com
