Vietnam Airlines posts record US$309 million profit in 2024
THE HANOI TIMES — Vietnam Airlines, the national flag carrier, in its audited report made a record profit of over VND7.9 trillion (US$309 million) in 2024, its highest profit ever, driven by strong revenue growth, particularly a 17.2% year-on-year surge in international revenue amid the global aviation rebound.
The airline's revenues reached over VND113.7 trillion ($4.5 billion) in the year.
Vietnam Airlines reports record profit of US$309 million in 2024. Photo: Vietnam Airlines
Moreover, the company successfully negotiated debt relief of more than VND4.7 trillion ($184 million) for Pacific Airlines under an aircraft return agreement. Improved efficiency at the parent company and the profitable performance of its subsidiaries also contributed to the financial turnaround.
During the year, passenger traffic grew to 22.7 million, up 8% year-on-year while cargo traffic jumped 40% to 314,700 tons. The airline also improved its load factor to 80.6% across its network.
Operational performance made remarkable progress, with average daily flight time per aircraft increasing by 25% to 11 hours. The airline operated 140,000 flights and maintained an 83.4% on-time departure rate and an 81.9% on-time arrival rate.
The carrier reinstated most of its pre-pandemic international routes and introduced new destinations in 2024.
In 2025, the airline plans to add 15 international routes to China, Japan, South Korea, Denmark, the UAE, Russia, and Italy. The expansion initiative kicked off in March with the inauguration of the Ho Chi Minh City - Beijing route via Beijing Daxing International Airport, China’s largest airport.
Additionally, the carrier has resumed flights from Ho Chi Minh City to Hong Kong (China) after a one-year suspension.
The company targets to operate 156,000 flights, carry 25.4 million passengers, handle 336,300 tons of cargo, and VND95.6 trillion ($3.7 billion) in revenue while address its negative equity, including restructuring assets and investment portfolio to increase revenues and cash flow.
In 2024, the government and National Assembly approved the final restructuring plan for Vietnam Airlines.
