Vietnam Airlines Reports Record Profit in 2024
(Hanoi, 2 April 2025) Vietnam Airlines has revealed its audited financial results for 2024, reporting an outstanding increase in both revenue and profit, achieving the highest figures in the airline's history.
Unprecedented Revenue and Profit Achievements
According to the audited consolidated report, Vietnam Airlines' total revenue and other income for 2024 reached VND 113,746 billion, with the parent company contributing VND 85,428 billion. The consolidated net profit reached a record high of VND 7,958 billion, with the parent company’s net profit amounting to VND 2,775 billion.
This record performance was mainly fueled by the robust recovery of the international aviation market, with international revenue seeing a remarkable 17.2% increase compared to the previous year. Key factors contributing to this success also include effective negotiations that cleared around VND 4,710 billion in debts for Pacific Airlines under a ship return agreement, as well as the ongoing improvement in the parent company’s performance, coupled with the profitable results of its subsidiaries.
Vietnam Airlines achieved impressive results throughout 2024. The airline carried 22.7 million passengers, an 8% increase from the previous year, and transported 314,700 tons of cargo, marking a strong 40% year-on-year growth. The overall load factor reached 80.6%. Operational efficiency improved significantly, with each aircraft averaging 11 flight hours per day—up 25% from 2023. Additionally, Vietnam Airlines operated 140,000 flights, maintaining excellent on-time performance with departure and arrival rates of 83.4% and 81.9%, respectively.
Remarkable Achievements
Vietnam Airlines achieved these results through strategic initiatives like enhancing its domestic network, optimizing flight schedules, and strengthening key routes. Capitalizing on the recovery of the international market, the airline resumed most international services and launched new routes, including Hanoi/Ho Chi Minh City to Munich, Manila, and Phnom Penh. Wide-body aircraft were also deployed on routes to India, Singapore, and China.
Further optimizing its operations, the airline refined flight scheduling methods and managed slot allocations efficiently to maximize aircraft utilization. Vietnam Airlines also elevated service standards by enhancing premium products, improving competitiveness, and driving digital transformation to apply advanced technology, boost operational quality, and increase productivity.
In 2024, Vietnam Airlines took notable strides in advancing sustainability, becoming a leader in the use of Sustainable Aviation Fuel (SAF). The airline also introduced meaningful initiatives, including the "Flying Light to Con Dao" and "Contributing Leaves to the Forest" campaigns. Additionally, Vietnam Airlines supported the UN Women-led HeForShe gender equality initiative and played a role in providing disaster relief to flood-stricken regions.
In 2024, the Vietnamese Government and National Assembly also approved Vietnam Airlines' extensive restructuring plan. As part of this initiative, the airline will undertake a series of strategic measures over the 2024-2025 period to resolve its negative equity issues. This will involve restructuring its asset portfolio and financial investments to enhance revenue and improve cash flow.
Vietnam Airlines' recovery and growth strategies have solidified its global position, earning prestigious accolades such as Top 5 Most Punctual Airlines in Asia by Cirium, Five Star Major Airline by APEX, 11th place in the World’s Best 20 Airlines and "Best Value Premium Economy" by Airline Ratings.
30 Years of Flying High with the Nation
The positive business results serve as a driving force for Vietnam Airlines to lay the foundation for a breakthrough growth phase in its 30th anniversary year (1995-2025). Looking ahead to 2025, the airline aims to transport 25.4 million passengers and 336,300 tons of cargo, with a projected consolidated revenue of VND 119,154 billion.
Continuing its transformation, Vietnam Airlines will focus on corporate restructuring to optimize operations, enhance corporate culture, and prioritize safety and sustainability. The airline plans to improve fleet utilization, increase labor productivity, and accelerate its digital transformation. In 2025, Vietnam Airlines will also open and restore 15 international routes, connecting to destinations in Russia, Italy, Denmark, the Middle East, and China.
Vietnam Airlines' expanding network strengthens its role as a global connector, supporting Vietnam's goal of welcoming 22-23 million international visitors in 2025. This milestone showcases the flag carrier’s commitment to sustainable growth and innovation in the era of global integration.
