Vietnam aviation stocks take off on rising profits, tourism recovery
Stocks in Vietnam’s aviation service firms and airlines rallied in the first quarter of 2024 thanks to rising profits from an increase in the number of international passengers and high air fares.

Noi Bai International Airport in Hanoi, northern Vietnam. Photo courtesy of the government's news portal.
According to data from Vietnam Airports Corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as ACV, passengers in Q1 reached nearly 28 million, up 1% over the same period last year. Of them, international passengers totaled 10.5 million, a year-on-year increase of 47.2%, while domestic travelers reached 17.5 million, down 15%.
The volume of goods and parcels transported by air during the period hit 349,631 tons, rising 22.6% over the same period in 2023.
These developments helped businesses in the aviation sector to flourish, even for airlines that have been more affected by material prices.
Vietravel Airlines, the youngest carrier in Vietnam, reported a 42% surge in Q1 revenue to VND491.2 billion ($19.3 million) and a net profit of VND10 billion ($392,820) - the first profitable quarter after three years of operation. The company has set an ambitious revenue target of over VND1 trillion ($39.28 million) for Q2.
Similarly, low-cost airline Vietjet Air (HoSE: VJC) posted a 38% year-on-year increase in Q1 revenue and a net profit of VND536 billion ($21.06 million), 3.1 times higher than Q1/2023. Vietjet said it operated 34,500 flights and transported 6.3 passengers in the quarter. Thanks to its strategy of focusing on expanding overseas routes, international passengers soared by more than 53% and the number of flights rose 61%.
During Q1, the airline opened 15 new international and domestic routes, bringing the total number to 140. It aims to operate 142,000 flights and transport 27.4 million passengers this year.
National flag carrier Vietnam Airlines (HoSE: HVN) reported its first profitable quarter since the Covid-19 outbreak at VND4.33 trillion ($170.1 million). Its revenue increased 19% to VND27.96 trillion ($1.1 billion) and gross profit doubled to VND4.08 trillion ($160.27 million). At the same time, the company enjoyed a profit boost of VND3.63 trillion from the cancellation of debts worth VND3.03 trillion and fines of VND569 billion.
Vietnam Airlines said that the transport market has recovered strongly, and the parent company has restored its entire domestic flight network and most international routes have resumed together with new ones opened. In addition, its subsidiaries also reported profits compared to the same period last year.
ACV, the operator of airports across the country, reported a record profit of VND2.92 trillion ($114.7 million) in Q1/2024. Net revenue climbed 19% to VND5.64 trillion ($221.55 million), and the gross profit margin improved from 62% to 64%. Financial activities flourished with revenue increasing by 15% to VND479 billion ($18.8 million) and financial costs plunging by 98% to VND19 billion ($746,360).
Aviation service businesses also reported positive results in Q1. For example, Saigon Cargo Services, registered on the Unlisted Public Company Market (UPCoM) as SCS, saw its profit expand 30% year-on-year to VND147 billion ($5.77 million); Noi Bai Catering Services (UPCoM: NCS) was up 44%, and Danang Airports Services, listed on the Hanoi Stock Exchange (HNX) as MAS, reported profits up by 9.5 times.
Given the favorable context, aviation stocks took off in the first quarter. ACV skyrocketed from VND62,200 per share to VND100,000 ($3.93), an increase of 61% in four months. Since March, HVN has gained 62.5% from VND12,800 per share to VND20,800 ($0.82). VJC went sideways for a long time but from the end of April suddenly surged from VND103,500 per share to VND117,900 ($4.63). SCS and NCS also increased by over 25%.
According to Yuanta Vietnam Securities, aviation service stocks had much more positive developments following information on raising ceiling air fares on domestic routes from March 1 under Circular No. 34/2023/TT-BGTVT. This created conditions for airlines to have room to adjust ticket prices on domestic routes, compensating for input costs, especially fuel prices, it said.
On the other hand, the broker added that tourism and freight demand has continued to recover. The number of domestic tourists increased by 9% in Q1 and is expected to rise strongly in Q2 and Q3 before cooling down at the end of the year thanks to summer demand.
International tourism has also rebounded strongly, especially after the new visa policy took effect in September 2023, it noted. The broker expected Chinese arrivals to recover to pre-epidemic levels by the end of 2024. The number of Chinese tourists rose significantly and accounted for 19.2% of the total arrivals to Vietnam in Q1.
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