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Friday, July 19, 2024

Vietjet Skyrockets with Record Growth, Global Push ’23

Vietjet - logoIn a remarkable demonstration of resilience and strategic foresight, Vietjet Aviation Joint Stock Company (HOSE: VJC) has unveiled its 2023 audited financial statements, showcasing a year of significant growth and robust economic health. The airline reported a staggering increase in air transport revenue to approximately USD 2.16 billion, marking a 62% year-over-year growth. In contrast, its consolidated revenue rose to around USD 2.35 billion, up by 45%.

Vietjet’s financial acumen is evident in its pre-tax air transport profit, which reached approximately USD 18.98 million, and its consolidated profit, which climbed to about USD 24.42 million. These figures represent a substantial recovery and growth, underlining the airline’s effective management strategies and responsiveness to global market dynamics.

Expanding Horizons: Vietjet’s Global Strategy

2023 was a year of strategic expansion for Vietjet, as it broadened its operational footprint significantly. The airline safely operated 133,000 flights, carrying 25.3 million passengers—a remarkable 183% increase from the previous year. More than 7.6 million international travellers notably propelled this surge.

Vietjet’s ambitious route development included the inauguration of 33 new domestic and international pathways, bringing its total to 125 routes. This expansion contains strategic markets such as Shanghai, Vientiane, Siem Reap, Hong Kong, Taipei, and Jakarta. Notably, Vietjet has become a significant connector between Vietnam and burgeoning markets in India and Australia, with the airline launching a new route between Hanoi and Sydney early in 2024, expanding its Australian network to seven routes.

Fleet Innovation and Sustainable Practices

In alignment with global environmental objectives, Vietjet continues to invest in a modern, safe, and eco-friendly fleet. As of the end of 2023, the airline’s fleet consisted of 105 aircraft, including advanced wide-body A330s. These aircraft are a testament to Vietjet’s commitment to reducing carbon emissions and achieving 15-20% fuel savings, which is crucial for sustainable aviation development.

Safety and Operational Excellence

Vietjet emphasises safety, maintaining an average load factor rate of 87% and a technical reliability rate of 99.72%. In 2023, AirlineRatings recognized the airline as one of the safest low-cost carriers globally. Additionally, Vietjet has enhanced its operational efficiency by establishing an Aircraft Maintenance Center of International standards in Vientiane in collaboration with Lao Airlines.

Educational Investments and Community Engagement

The Vietjet Aviation Academy (VJAA) is a cornerstone of the airline’s commitment to excellence in education and training. In 2023, VJAA trained over 97,000 students across 6,300 courses, establishing its reputation as a top regional training centre for pilots and aircraft maintenance staff.

Economic Impact and Social Responsibility

Vietjet’s economic impact is significant, with the airline contributing approximately USD 209.63 million in direct and indirect taxes and fees in 2023. The airline’s initiatives extend beyond financial metrics, substantially contributing to social welfare and community support.

As Vietjet continues to navigate the complexities of the global aviation market, its strategic initiatives and robust financial performance set a benchmark for success and resilience. With a clear vision for the future, Vietjet is not just flying; it is soaring into a new era of global connectivity and sustainable aviation.

 

 

 

Written by: Kanda Limw

 

 

 

 

 

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