Vietnam Airlines among world's top 25 airlines for 2023

National flag carrier Vietnam Airlines was named among the world's top 25 airlines for 2023 on Wednesday by Australia-based AirlineRatings.com.

To be named in the top 25, airlines must achieve a seven-star safety rating and demonstrate leadership in innovation for passenger comfort.

According to AirlineRatings.com editor-in-chief Geoffrey Thomas, the ranking is focused on leadership and airlines that innovate to make a real difference to the passenger experience.

“Of course right now the airline industry is under unprecedented pressure as it strives to recover from the worst of the Covid-19 pandemic and the Russian invasion of Ukraine with significant disruptions to passengers," he said.

The other airlines in order are Air New Zealand, Qatar Airways, Etihad Airways, Korean Air, Singapore Airlines, Qantas, Virgin Australia / Virgin Atlantic, EVA Air, Cathay Pacific Airways, Emirates, Lufthansa/Swiss, SAS, TAP Portugal, All Nippon Airways, Delta Air Lines, Air Canada, British Airways, Jet Blue, JAL, Turkish Airlines, Hawaiian, KLM, Alaska Airlines, and United Airlines.

Early this month, the Ho Chi Minh Stock Exchange (HoSE) decided to put shares of Vietnam Airlines (HVN) under control from May 12 due to late submission of its 2022 audited financial statements.

Vietnam Airlines reported a loss of VND37.3 billion ($1.59 million) in Q1/2023, significantly improved compared to a loss of VND2.69 trillion ($114.45 million) in the same period last year. Its net revenue reached nearly VND23.49 trillion ($1 billion), up 102% year-on-year and its highest quarterly revenue since 2020.

In 2022, the state-owned carrier suffered a net loss of VND10.37 trillion ($442.2 million) although its revenue hit nearly VND71 trillion ($3.03 billion), 2.5 times higher than that of 2021 and equivalent to over 70% of the pre-pandemic level in 2019. However, its 2022 loss was VND3 trillion ($127.9 million) lower than that in 2021.

By December 31, 2022, Vietnam Airlines had equity of negative VND10.2 trillion ($425 million).

HVN shares were priced at VND13,150 ($0.56) at Wednesday's close.