Vietjet Continues to Soar with Strong Performance in 2022

February 7, 2023

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The aviation industry has undergone a tremendous shift in the past few years, but Vietjet has proven to be a resilient player in the market. The airline reported a robust recovery in 2022 with net revenue of approximately US$315.5 million in Q4 and a profit of approximately US$38.7 million, marking a growth of 175% YoY. Vietjet’s focus on expanding its international network has positioned the airline as a pioneer in promoting economic-trade-tourism relationships and contributing to the country’s image globally.

Expanding its Middle-Range International Flight Network.

To accommodate its strategy of expanding its middle-range international flight network, Vietjet has acquired three A330 aircraft and opened 20 new routes in 2022, with a focus on the Indian market. The airline has established new routes to Astana and Almaty in Kazakhstan and Melbourne and Sydney in Australia. Vietjet’s efforts to develop its international network have put the airline at the forefront of promoting economic-trade-tourism relationships between Vietnam and other countries. As of December 31, 2022, Vietjet operated 103 flight routes, transporting 20.5 million passengers on 116,000 flights.

Performance Highlights of 2022.

Vietjet’s parent company reported a total revenue of approximately US$1.39 billion in 2022, with a profit of approximately US$9.23

million. The airline paid approximately US$186.79 million of direct and indirect taxes, fees, and charges, and transferred more than approximately US$152.7 million of profit to the parent company for asset investment. The total asset of the company reached approximately US$2.87 billion, with a long-term debt-to-equity ratio of 0.7, and a liquidity ratio of 1.3. The balance of cash and cash equivalents remained at approximately US$77.3 million, well-facilitating the liquidity demand for business operations.

Setting High Revenue Goals for 2023.

In 2023, Vietjet continues to aim for revenue growth with a focus on reopening the Chinese market and further promoting international markets such as India, South Korea, Japan, and Australia. The airline is seeking support from the government to lift the price cap on flights and allow for fuel surcharge to strengthen the positions and competitive capabilities of domestic airlines.

Award-Winning Services and Community Engagement.

Vietjet’s “Fly now, Pay later” service, in collaboration with Movi, was awarded the “Best New Fintech Product 2022” by The Global Economics Times. The airline also won several international awards, including the “World Airline Award” by Skytrax, “Most Valued Airline of the Year in Asia 2022,” and “Best Cabin Crew Service in Asia 2022.” To meet the growing demands of its customers and engage with them, Vietjet has launched the Vietjet SkyJoy loyalty program, offering conveniences and privileges to accumulate and redeem loyalty points with special offers from big brand partners. In 2023, the airline joined hands with the community to support the disadvantaged during the Lunar New Year by operating free flights for poor workers and orphaned students.

Vietjet’s strong performance in 2022 and its focus on expanding its international network position the airline as a leader in the aviation industry. The company’s efforts to promote economic-trade-tourism relationships and its community engagement demonstrate its commitment to growth and sustainability. With a robust recovery in the aviation industry, Vietjet is poised for continued success in 2023 and beyond.