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Vietjet Aviation Joint Stock Company, one of the fastest-growing airlines in the Asia Pacific region, has announced its ambitious plans to expand its international network and become a leading airline in digital technology.

At the company’s General Meeting of Shareholders held on April 26, 2023, in Ho Chi Minh City, Vietjet reported its successful growth in the domestic market despite challenges posed by the post-pandemic global aviation industry. Vietjet transported 20.5 million passengers in 2022, up by 283% YoY, leading the domestic market in passenger volume.

Vietjet is now looking to expand its international network with long-range flights to Australia, Kazakhstan, and India using its widebody Airbus A330 fleet. It also aims to maintain its market leader position in passenger volume and efficiency while cutting costs and improving efficiency.

The airline’s tablet check-in project has successfully provided ground operation staff flexibility in processing passenger check-ins. Vietjet has also integrated HD Insurance and Galaxy Pay services into its system, offering more options for passengers.

Vietjet launched its brand-new loyalty program, SkyJoy, which provides endless rewards, including redeeming Vietjet tickets and in-flight POS payment systems for ancillary goods. The program has succeeded, contributing to the company’s consolidated revenue of VND40,142 billion (approx. US$1.71 billion) in 2022, up by 212% YoY.

Vietjet’s long-term assets have also increased by over US$200 million, with a total asset worth of VND68,036 billion (approx. US$2.91 billion) and a debt-to-equity rate of nearly 1.3, considered good in the aviation industry.

The airline’s performance in 2022 accounted for 40% of domestic passenger transport, with an average load factor rate of 85%. Transport Deputy Minister Le Anh Tuan highly regarded Vietjet’s performance in 2022 and looked forward to further efforts in 2023.

Vietjet’s operations have ensured absolute safety for years, affirmed Civil Aviation Authority of Vietnam Deputy Head Ho Minh Tan. Mr Tan acknowledged Vietjet as an airline with great leaps in aviation safety.

To achieve its 2023 goals, the GMS has approved the fleet expansion plan to 87 aircraft, including nine widebody Airbus A330 aircraft, expecting to operate 139,513 flights with 25.7 million passengers onboard. The company aims for a targeted consolidated revenue of over VND50,178 billion (approx. US$2.14 billion), with after-tax profit set at VND1,000 billion (US$42.8 million).

The shareholders of Vietjet expressed their optimism and trust in the leadership of the Board of Directors and Board of Management to achieve the company’s mission of “Pave the sky – connect the world.”

In conclusion, Vietjet’s ambitious expansion plans and its goal to become a leading airline in digital technology are promising for the airline industry’s future. Vietjet’s success in overcoming challenges and maintaining a good balance sheet has set the foundation for sustainable development in the coming years.