Vietjet Aviation Joint Stock Company (HOSE: VJC) recorded significant revenue and profit growth in both the fourth quarter and the full year of 2024.

Strong financial performance in 2024

According to Vietjet’s financial report for Q4 2024, the airline posted an aviation revenue of VND 19.776 trillion ($807 million) and a net profit of VND 167 billion ($6.8 million), marking an increase of 36% and 247%, respectively, compared to Q4 2023.

For the full year of 2024, Vietjet reported an aviation revenue of VND 71.545 trillion ($2.92 billion) and a net profit after tax of VND 1.301 trillion ($53 million), reflecting a growth of 33% and 697%, respectively, over the previous year.

On a consolidated basis, Vietjet’s Q4 revenue reached VND 19.797 trillion ($808 million), with a net profit of VND 21.4 billion ($875,000), representing year-on-year increases of 36% and 8%, respectively. The airline’s total sales and service revenue for 2024 amounted to VND 71.859 trillion ($2.94 billion), with a net profit after tax of VND 1.426 trillion ($58 million), marking a 23% and 516% increase, respectively, over 2023.

Passenger growth and fleet expansion

In 2024, Vietjet transported over 25.9 million passengers across 137,000 flights, operating 145 routes, including 44 domestic and 101 international connections. The airline became the leading carrier in Vietnam by passenger volume.

Vietjet successfully added 10 new aircraft to its fleet in 2024, bringing the total to 94 aircraft, one of the youngest fleets in the region. The airline achieved an average seat utilization rate of 87% and a technical reliability rate of 99.72%.

As of December 31, 2024, Vietjet's total assets stood at VND 99.5 trillion ($4.06 billion), with a debt-to-equity ratio of 2.12 times and a liquidity ratio of 1.71 times, remaining within safe industry benchmarks.

The airline's cash balance, bank deposits, and cash equivalents totaled VND 7.7 trillion ($314 million), ensuring its liquidity, in addition to available working capital credit lines.

In 2024, Vietjet contributed over VND 7.5 trillion ($305 million) in direct and indirect taxes and fees.

Expanding international network

The strong financial results reflect Vietjet’s strategy of aggressively expanding its international route network while maintaining stability in its domestic market.

This approach has helped the airline tap into new markets, strengthen Vietnam’s connectivity with global destinations, and contribute to tourism, trade, and investment.

In Q4 2024, Vietjet launched new direct flights between Da Nang and Ahmedabad (India), Ho Chi Minh City and Xi’an (China), and increased the frequency of Ho Chi Minh City-Perth (Australia) flights along with additional routes to South Korea, Japan, and Hong Kong (China).

Vietjet also signed a partnership agreement with Emirates, enhancing connectivity between major Vietnamese cities and Dubai (UAE), as well as other global destinations.

The airline has continued to expand its route network with new direct flights to Hyderabad and Bangalore (India), Beijing and Hangzhou (China), reinforcing its presence in high-potential billion-population markets.

Major U.S. expansion and future investments

In 2025, Vietjet is set to operate its first direct flight from Vietnam to the United States. During this milestone trip, the airline held discussions on strategic collaborations worth approximately $14 billion with U.S. partners.

These discussions build on previous agreements with major corporations such as Boeing, GE, CFM, Pratt & Whitney, and Honeywell, with a total value nearing $50 billion.

Vietjet is also expected to take delivery of 14 Boeing 737 Max aircraft, the first of 200 aircraft ordered from Boeing, significantly enhancing its transport capacity to meet the increasing travel demand both domestically and internationally.

Additionally, the airline is actively negotiating with SpaceX and other technology providers to introduce in-flight internet solutions across its growing fleet, aiming to improve passenger experience and embrace digital innovation in the aviation industry.

Hanh Nguyen