Vietjet’s Q3 Performance Revealed, Attains 95% of Annual Revenue Target

VietJet reports impressive performance over the first 9 months of 2023. The Airline gains $100M investment, reports profit, and expands fleet with $700M Financing.

Vietjet Aviation Joint Stock Company reports impressive performance over the first 9 months of 2023.In Q3/2023, Vietjet operated 36,000 flights and transported 6.8 million passengers, including 2.3 million international travelers. This indicates a 10% increase over the third quarter of pre-pandemic 2019 and a 127% YoY growth.

During the first nine months of 2023, Vietnam welcomed 23.7 million international passengers through its airports, skyrocketing by 267% YoY. In particular, Vietnamese airlines carried 11.5 million travelers of which 51% or 5.9 million flew with Vietjet.

The airline has reported a relatively high average seat utilization rate of over 85% and a technical reliability rate of 99.72%. The total transported cargo volume reached 20,300 tonnes, growing by 76% YoY. Vietjet accounted for 23% of the cargo market share among Vietnamese airlines.

The airline, in Q3/2023, opened seven new international routes, bringing the total number of routes to 125 (45 domestic and 80 international routes). Vietjet’s separate and consolidated revenues were reported at VND13,548 trillion (approx. US$551.38 million) and VND14,235 trillion (approx. US$579.34 million) respectively in Q3/2023, increasing by 32% and 23% YoY. Separate and consolidated after-tax profits reached VND579 billion (approx. US$23.58 million) and VND55 billion (approx. US$2.23 million) respectively, up by 175% and 30% YoY.

Vietjet’s international passenger transport continued to witness rapid growth, increasing by 201% YoY. It accounted for more than 57% of the total passenger revenue and 35% of the total number of flights and passengers.

During the official visit of the US President to Vietnam, Vietjet signed an agreement with Boeing on the delivery of 200 737 MAX aircraft worth of US$25 billion in the next five years. It also reached an agreement with Carlyle Aviation for aircraft financing worth US$550 million.

With a sustainable business development strategy and remarkable growth post-pandemic, Vietjet has attracted the attention of many local and foreign investors. In Q3/2023, Vietjet reached preliminary agreements with three Vietnam-based institutional investors committing to invest US$100 million.