If you're keeping an eye on the aviation industry, you might want to take a closer look at what this airline has been up to. Vietjet have released their financial report for 2023, and the numbers are impressive.
Last year, Vietjet saw some significant growth. Their separate air transport revenue shot up by a staggering 62%, while consolidated revenue also saw a healthy increase of 45% compared to the previous year. As of December 31, 2023, Vietjet's total assets totaled more than VND86.9 trillion (approx. US$3.5 billion). The company's debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5.
Vietjet launched 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international and 45 domestic routes. Notable routes included Ho Chi Minh City – Shanghai, Ho Chi Minh City – Vientiane, Hanoi - Siem Reap, Hanoi - Hong Kong, Phu Quoc – Taipei, Phu Quoc and Ho Chi Minh City/ Hanoi - Jakarta, etc.
READ: Our Vietjet in -flight review
Vietjet is also now the largest operator of flights connecting Vietnam to India and Australia, helping promote trade and tourism with the two countries of high potentials.
The airline since early 2024 has further opened a direct route between Hanoi and Sydney, lifting the total number of Vietnam-Australia routes to seven.
It has also commenced flights from Hanoi to Hiroshima (Japan) and Ho Chi Minh City to Chengdu (China), bringing about opportunities to strengthen bilateral tourism and trade. Domestically, Vietjet has inaugurated the new route Hanoi - Dien Bien to take travelers to the historic destination of Dien Bien Phu.
The airline's average load factor rate reached 87% and the technical reliability rate 99.72%.
But it's not all about expansion for Vietjet. They're also serious about sustainability. By investing in modern aircraft and focusing on eco-friendly practices, they're reducing fuel consumption and CO2 emissions, paving the way for a greener aviation industry. Vietjet boasts a fleet of 85 active Airbus aircraft with an average fleet age of 7.2 years according to planespotters.net. Vietjet also has another 24 A320/A321 aircraft on order.
Of course, safety is paramount in the airline business, and Vietjet doesn't take it lightly. With rigorous training programs and top-notch maintenance facilities, they've earned their reputation as one of the safest low-cost airlines worldwide and were yet again part of the recent Airline Ratings safety awards.
And let's not forget about education. Vietjet's Aviation Academy is shaping the next generation of aviation professionals, with thousands of students passing through their doors each year. In 2023, VJAA trained over 97,000 students through 6,300 courses, actively providing training for pilots and aircraft maintenance staff (CRS). The academy also installed its third flight simulator, becoming a top-notch pilot training center in the region.
So, there you have it – Vietjet's journey of growth, sustainability, and safety. With their eyes set on the future, they're definitely a force to be reckoned with in the aviation world.
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