Vietjet Aviation Joint Stock Company (HOSE: VJC) has stood out as an innovative and resilient company in a period where the aviation sector is facing both vibrant prospects and daunting obstacles. Throughout 2023, the organisation has demonstrated an unwavering dedication to safety, environmental protection, and smart expansions, leading to outstanding success.
A Leap in Growth and Network Expansion
The past year for Vietjet was characterized by an ambitious leap in operational scale, with the airline successfully conducting 133,000 flights. This feat transported 25.3 million passengers across its burgeoning network, marking an astounding 183% increase in passenger traffic over the previous year. The airline’s strategic foresight led to the introduction of 33 new routes, expanding its reach across both domestic and international skies, totaling 125 routes.
In a pioneering move, Vietjet became the inaugural airline to bridge Vietnam with Australia’s five major cities, including Sydney, Melbourne, Perth, Adelaide, and Brisbane. This achievement was complemented by the airline’s reinforced presence in the Vietnam-India corridor, adding flights to cities like Delhi, Mumbai, Ahmedabad, Kochi, and Tiruchirappalli, thereby solidifying its stature as the foremost operator in this segment.
Financial Fortitude and Operational Excellence
Vietjet’s financial narrative in 2023 was one of significant triumph, with the airline reporting a consolidated revenue of VND 62.5 trillion (approximately RM 12.1 billion). This represented a 56% growth on a year-on-year basis, with the final quarter alone witnessing an 89% surge in separate revenues and a 49% increase in consolidated revenues, underscoring the airline’s financial robustness and operational prowess.
The cargo sector of Vietjet also saw remarkable growth, with a 73% increase in cargo volume, significantly bolstering the airline’s overall operational success. With assets exceeding VND 84.6 trillion (approximately RM 16.37 billion) and a commendable debt-to-equity ratio, Vietjet’s financial health remains robust.
Sustainability and Safety at the Forefront
In its fleet modernization efforts, Vietjet concluded the year with 105 aircraft, including the state-of-the-art wide-body A330s. The airline’s commitment to reducing its carbon footprint resulted in a 15-20% decrease in carbon emissions. A strategic partnership with Boeing for the delivery of 200 737 MAX aircraft over the next five years further underscores Vietjet’s dedication to a sustainable future.
Safety remains a cornerstone of Vietjet’s operations, with the airline being recognized as one of the safest low-cost carriers. Through its active engagement in global safety forums and comprehensive training programs, Vietjet ensures the highest standards of safety in its operations.
Enhancing Passenger Experience through Innovation
Vietjet’s introduction of the SkyJoy loyalty program, which celebrated reaching 10 million members in 2023, alongside innovative payment solutions such as “Fly now Pay later” and Galaxy Pay, reflects the airline’s commitment to enhancing passenger convenience and accessibility.
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Contributing to Regional Growth and Connectivity
Vietjet’s exceptional performance in 2023 contributed significantly to the development of tourism, investment, trade, and cultural exchange, setting records in international network expansion and annual revenue. Through its strategic initiatives, robust financial performance, and unwavering dedication to sustainability and safety, Vietjet is not merely navigating the skies but is shaping the future trajectory of the global aviation industry.
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