Vietnam's budget carrier Vietjet sees 24% profit hike in Q1 on int’l growth surge

Vietjet Aviation JSC (HoSE: VJC) reported a 24% year-over-year increase in consolidated profit for Q1, driven by strong international expansion and operational excellence, reinforcing its leadership in regional connectivity.

According to its Q1 financial statement, Vietjet reported air revenue of VND17.92 trillion ($690 million), with a pre-tax profit of VND820 billion ($31.5 million), marking a 25% increase year-on-year.

Consolidated revenue totaled VND17.95 trillion ($690 million), while pre-tax profit was VND836 billion ($32.1 million), up 24%.

Ancillary revenue reached over VND6.22 trillion ($239 million) in Q1, accounting for more than 35% of Vietjet’s total revenue.

In the first three months, Vietjet transported more than 6.87 million passengers across nearly 38,700 flights, witnessing a growth of over 9% and 12% year-on-year, respectively.

The airline operated a total of 137 routes, including 40 domestic and 97 international. In Q1, the airline added two new aircraft, expanding its fleet to 106 - among the youngest in the region. It reported strong operational metrics with a seat load factor of 87% and a technical reliability rate of 99.72%.

Vietjet also launched four new international routes linking Vietnam’s Hanoi and Ho Chi Minh City with major cities in China (Beijing, Guangzhou) and India (Bengaluru, Hyderabad), enhancing connectivity and growth opportunities in key Asian markets.

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

As of March 31, 2025, Vietjet's total assets reached nearly VND98.77 trillion ($3.79 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.

Vietjet began 2025 with its first-ever flight to the U.S., leading to strategic partnership discussions with key US partners worth $14 billion.

Combined with existing deals with its longstanding partners such as Boeing, GE, Pratt & Whitney, and others, Vietjet’s total cooperation value now approaches $50 billion. The airline also signed a $300 million aircraft financing agreement with Carlyle Aviation Partners.