Vietjet has taken the aviation industry by storm in 2024, delivering record-breaking financial results and solidifying its position as a global airline leader. With an aggressive expansion strategy, the Vietnamese low-cost carrier has significantly strengthened its international footprint, launching new routes across Australia, India, China, and the United States.
Record-Breaking Financial Performance
Vietjet’s financial performance in 2024 has been nothing short of extraordinary. The airline reported aviation revenue of VND19.776 trillion (approx. US$784 million) in Q4-2024, reflecting a 36% year-on-year (YoY) increase. After-tax profits soared by 247% YoY, reaching VND167 billion (US$6.6 million).
For the full year, Vietjet’s aviation revenue climbed to VND71.545 trillion (US$2.8 billion), marking a 33% YoY increase, while its after-tax profit surged 697% YoY to VND1.301 trillion (US$51.6 million). Consolidated revenue hit VND71.859 trillion (US$2.85 billion), with after-tax profits of VND1.426 trillion (US$56.5 million), reflecting a 516% surge YoY.
The airline’s total assets reached VND99.5 trillion (US$3.95 billion) by the end of 2024, with a healthy debt-to-equity ratio of 2.12 and liquidity ratio of 1.71, reinforcing its financial stability and investor confidence.
Vietjet aircraft at Miami, Florida, USA.
Expanding Global Connectivity
Strengthening the Australian Market
Vietjet’s Australian expansion has been a game-changer. Since launching flights to Sydney and Melbourne in April 2023, the airline has progressively expanded its Australian network, adding direct routes from Hanoi to Sydney and Melbourne in 2024. The move cements Vietjet’s position as the largest Vietnamese carrier operating between Vietnam and Australia.
Beyond route expansion, Vietjet has actively supported cultural events in Australia. In 2024, it partnered with the Hindu Council of Australia for the second consecutive year to support Deepavali 2024 celebrations across multiple cities. The airline also became the title sponsor of Brisbane’s Redcliffe KiteFest, showcasing its commitment to local engagement and brand visibility.
Major International Milestones
Vietjet’s global ambitions took flight with significant network expansions:
- India: There are new direct routes from Da Nang to Ahmedabad and upcoming flights to Hyderabad and Bangalore.
- Malaysia: New Hanoi-Kuala Lumpur route, strengthening Southeast Asian connectivity.
- China: Announced direct flights to Beijing and Guangzhou, targeting one of the world’s largest travel markets.
- Middle East: Signed a partnership with Emirates to boost connectivity between Vietnam and Dubai, opening gateways to Europe and the Middle East.
Historic U.S. Expansion
Vietjet made history in 2024 by operating its first-ever commercial flight from Vietnam to the United States. The landmark journey also paved the way for strategic partnerships worth approximately US$14 billion, including agreements with Boeing, GE, CFM, Pratt & Whitney, and Honeywell.
Additionally, Vietjet is exploring collaborations with SpaceX and in-flight internet technology providers to revolutionize passenger connectivity and onboard digital experiences.
Fleet Expansion and Operational Excellence
Vietjet has consistently expanded its modern fleet to support its growing network. In 2024, the airline added 10 new aircraft, maintaining an 87% average load factor and an impressive 99.72% technical reliability rate.
The airline successfully transported over 25.9 million passengers across 137,000 flights, operating 145 routes, including 44 domestic and 101 international destinations. With these numbers, Vietjet leads Vietnamese airlines in passenger volume, reflecting the growing demand for its services.
Commitment to Sustainability and Future Growth
As Vietjet accelerates its global expansion, sustainability remains a core focus. The airline is committed to adopting fuel-efficient aircraft, optimizing operational efficiency, and exploring green aviation technologies. It aims to lead the way in eco-friendly travel while continuing to enhance international trade, tourism, and investment opportunities.
In 2025, Vietjet plans to strengthen its North American presence further, expand routes across Europe and the Middle East, and invest in cutting-edge digital and aviation technologies.
Conclusion
Vietjet’s record-breaking 2024 performance underscores its status as a dynamic and rapidly growing airline. With an ambitious global expansion strategy, a commitment to financial strength, and a forward-thinking approach to technology and sustainability, Vietjet is well-positioned to reshape the global aviation landscape in the future.
For more updates on Vietjet’s latest routes and offerings, visit their official website: www.vietjetair.com.
Written by: Christine Nguyen
