Vietnam’s budget carrier Vietjet reports 24% growth in Q1 profit

The airline posted consolidated revenue of nearly VND18 trillion ($692 million), with ancillary revenue exceeding VND6.2 trillion ($240 million), accounting for more than 35 percent of the total turnover.

In the first three months of 2025, Vietjet transported over 6.87 million passengers across nearly 38,700 flights, increases of more than nine and 12 percent, respectively, compared to the same period in 2024.

The carrier operated a total of 137 routes, including 40 domestic and 97 international routes.

During the quarter, the airline added two new aircraft to its fleet, bringing the total to 106 planes.

Its flights achieved an average seat load factor of 87 percent and a technical reliability rate of 99.72 percent.

In Q1 2025, Vietjet launched four new routes connecting Hanoi and Ho Chi Minh City with Beijing and Guangzhou (China), and two routes between Ho Chi Minh City and Bengaluru and Hyderabad (India), further strengthening ties with these populous and promising markets, creating significant opportunities for tourism, trade, and investment with Vietnam.

The airline also announced two direct routes: Phu Quoc–Singapore and Ho Chi Minh City–Auckland (New Zealand), scheduled to launch later this year.

As of March 31, Vietjet’s total assets reached VND98.8 trillion ($3.8 billion), with a debt-to-equity ratio of 2.12 and a liquidity ratio of 1.5, maintaining a safe level within the aviation industry.

In Q1, the airline contributed over VND2 trillion ($77 million) in direct and indirect taxes and fees.

Cooperating with major foreign partners

Early in 2025, the airline marked a milestone with its first flight carrying Vietjet executives from Vietnam to the United States. 

During the trip, agreements worth approximately $14 billion were discussed with strategic partners in the U.S., following previous deals with top corporations such as Boeing, GE, CFM, Pratt & Whitney, and Honeywell, with a total value nearing $50 billion.

The airline has implemented fuel-saving technologies and artificial intelligence solutions for the aviation sector, heading toward emission reduction, green transition, and ESG-focused sustainable development.

Additionally, Vietjet signed a $300-million aircraft financing agreement with Carlyle Aviation Partners.