VietJet Air
IATA ICAO Callsign
VJ VJC VIETJET[1]
Founded30 November 2007; 16 years ago (2007-11-30)
Commenced operations25 December 2011; 12 years ago (2011-12-25)
Operating bases
Frequent-flyer programVietJet Skyclub
SubsidiariesThai VietJet Air
Fleet size77
Destinations115[2]
Parent companySovico Holdings, HDBank
Traded asHOSEVJC
HeadquartersBa Đình district, Hanoi, Vietnam
Key peopleNguyen Thi Phuong Thao (CEO)
Revenue40.414 trillion VNĐ ($1.722 billion USD)
Total assets68 trillion VNĐ ($2.557 billion USD)
Employees2,000
Websitewww.vietjetair.com

Vietjet Aviation Joint Stock Company (Vietnamese: Công ty Cổ phần hàng không Vietjet), operating as VietJet Air or Vietjet, is a Vietnamese low-cost airline[3] based in Hanoi. It was the first privately owned airline to be established in Vietnam, being granted its initial approval to operate by the Vietnamese Minister of Finance in November 2007.[4] As of its launch in December 2011, it became the second private airline to offer domestic service in Vietnam, as well as the fifth airline overall to offer civil domestic flights. VietJet Air is owned by Sovico Holdings, HDBank, other organisational investors, and individual stakeholders.

The carrier's launch was beset by long delays attributed to various causes, such as a global economic slowdown and regulatory issues. Despite the setbacks, VietJet Air's first flight was operated on 25 December 2011, flying from Ho Chi Minh City to Hanoi.[5][6] The carrier carried its 10 millionth passenger in December 2014,[7] and the 25 millionth passenger in December 2015.[8]

History

Foundation delays

Founded in 2007, the airline's founding team included Robert Hughes, an American who led the company through its initial year.[9] The airline has its head office in the Vạn Phúc Diplomatic Corps in Ba Đình district, Hanoi[10] It was the first privately owned airline to be established in Vietnam,[4] and as of its launch in December 2011, it became the second private airline (after Air Mekong) to offer domestic service in Vietnam, as well as the fifth airline overall not counting Indochina Airlines, which ceased operations in November 2009 to offer civil domestic flights, after Vietnam Airlines, Pacific Airlines, Air Mekong and the Vietnam Air Service Company (VASCO).[3] In its initial plan, the Hanoi-based airline stated its intention to offer flights to Ho Chi Minh City and Da Nang, gradually expanding its network to include other Asian destinations, such as Hong Kong, Bangkok, Singapore, and cities in southern China.[11] The airline's president and CEO is Nguyen Thi Phuong Thao from December 2011.[12]

Initially, VietJet had shown the intention to commence flights in late 2008 or early 2009.[11] Throughout the next few years, the expected launch date was repeatedly pushed back, first to late 2009, then mid-2010.[13] Airline officials gave different reasons for the delays, including increased fuel prices and other financial problems, as well as unresolved branding conflicts with the Civil Aviation Administration of Vietnam (CAAV).[14]

Although Malaysian budget carrier AirAsia announced in February 2010 that it planned to purchase a 30% stake in the airline through a joint venture agreement, the carrier rescinded its plans in October 2011, citing "a failure to obtain Vietnamese regulatory approvals".[15][16]

By February 2011, VietJet was said to be "completing final stages" prior to launch before its operation license expired in June.[17] The airline's maiden flight was eventually launched on 25 December 2011, flying from Ho Chi Minh City to Hanoi.[6]

Operations

The Vietnam aviation authority fined VietJet Air US$960 in 2012 for organizing five women of candidates in a local beauty contest to perform a Hawaiian themed-dance without first gaining permission to celebrate its maiden flight to the tourist hub of Nha Trang.[18]

On 9 February 2013, the airline launched its first international flight between Ho Chi Minh City and Bangkok, becoming the first Vietnamese private airline to enter the international market.

In February 2014, at the opening of that year's Singapore Airshow, the airline firmed up orders with Airbus for 60 A320 aircraft at a list price of $6.4 billion.[19] Previously, the airline had signed a Memorandum of Understanding with Airbus for 92 planes in the A320 family.[20]

In June 2015, at the Paris Air Show, VietJet ordered six additional Airbus A321 single-aisle jets worth $682 million at list prices from Airbus to meet demand on some of its busiest routes;[21] VietJet purchased a further 30 later that year at the Dubai Airshow, which included 21 A321neos along with 9 A321ceos.[22] In May 2016 during a state visit of US President Barack Obama, an order for 200 Boeing 737 MAX aeroplanes was signed, with deliveries to start in 2019.[23] In September 2016, CEO Nguyen Thi Phuong Thao announced an order for 20 A321 single-aisle aircraft from Airbus. The signing took place during a state visit of French President Francois Hollande.[24] During the 2018 Farnborough Airshow, Thai VietJet, VietJet's Thai subsidiary, ordered 100 Boeing 737 MAXs (80 MAX 10s and 20 MAX 8s) and 50 A321neos.[25]

Public offering

VietJet completed its initial public offering (IPO) on the Ho Chi Minh City Stock Exchange (HOSE) on 28 February 2017 at an initial price of VND 90,000 (US$ 4.02) per share. The share price immediately rose by 20%, the maximum allowed for newly listed companies. The airline raised $167 million from the listing, making it the biggest IPO on the Vietnamese stock market to date[26] and accounting for 1.5% of HOSE's capitalization at the time.[27]

Corporate affairs

Business trends

The key trends for VietJet are (as of the financial year ending 31 December):

2017 2018 2019 2020 2021 2022 2023
Revenue[a] (VNDtr) 42.3 53.5 50.6 18.2 12.8 40.1 58.3
Net profit (VNDb)[28] 5,303 5,335 3,807 69 80 −2,261
Number of passengers (m) 16.7 21.3 23.7 12.1 5.4 20.6 25.3
Number of international routes 52 66 85 - 33 48 80
Load factor (%) 84 83 82 74 70 85 87
On-time performance (%) 86 84 86 87 94 92
Fleet size[29] 54 74 78 71 76 75 105
References [30][31] [30][32] [30] [30] [30] [30] [33]

Destinations

Countries served by VietJet as of March 2024[34][35]

Main article: List of VietJet Air destinations

As of November 2023 VietJet Air serves 13 countries and 99 routes.[2]

Codeshare agreements

VietJet Air codeshares with the following airlines:

Fleet

VietJet Air Airbus A320-200
VietJet Air Airbus A321-200
VietJet Air Airbus A321neo

Current fleet

As of 16 May 2024, VietJet Air currently operates an all-Airbus fleet composed of the following aircraft:[37][38]

VietJet Air fleet
Aircraft In Service Orders Passengers Notes
J Y Total
Airbus A320-200 17 180 180
Airbus A321-200 6 220 220
30 230 230[39]
Airbus A321neo 11 103 230 230[40] Some of its fleet are grounded for engine inspection.[41]
14 240 240 Equipped with Airbus Cabin Flex configuration.[42]
Airbus A321XLR 20[43] TBA
Airbus A330-300 7[44] 2[45] 12 365 377[46]
Airbus A330-900 20[47] TBA Deliveries from 2026 and replace Airbus A330-300.[48][49]
Boeing 737 MAX 8 66[50] TBA The first 50 aircraft will be transferred to the Thai subsidiary.[51][50]
Deliveries from 2024 to 2028.[52]
To receive first 12 in 2024.[53]
Boeing 737 MAX 10 106[50] TBA
Boeing 737 MAX 200 28[50] TBA
Total 84 345

Fleet development

On February 26, 2019, VietJet Air signed a memorandum of understanding with Boeing, an American aircraft manufacturer, to purchase 100 Boeing 737 MAX 200 aircraft.[54][55] The signing ceremony took place at the Presidential Palace in Hanoi, Vietnam, in the presence of Vietnamese President Nguyen Phu Trong and U.S. President Donald Trump.[56][57][58]

In December 2019, VietJet Air had one of its first Boeing 737 MAX 200 aircraft rolled out from the Boeing factory.[59][60][61] There was one notable difference from other Boeing 737 MAX aircraft, however: the word "MAX" was conspicuously absent from the side of the aircraft. Instead, the aircraft was simply labeled "Boeing 737-8.[62] The plane was not taken up afterwards and was delivered to Akasa Air.[63]

On February 22, 2024, at the 2024 Singapore Airshow, VietJet Air signed a Memorandum of Understanding (MoU) with Airbus for the purchase of 20 Airbus A330-900neo widebodies.[64] It is expected to become a firm order in April 2024. When finalised, this will be VietJet’s first-ever widebody order. They will replace the carrier’s current wide-body fleet of 7 leased Airbus A330-300 aircraft, as well as providing for network expansion. [65]

Services

VietJet Air offers three service options (fares):

Accidents and incidents

Since commencing operations, VietJet Air has only suffered non-fatal incidents:

See also

Notes

  1. ^ "Consolidated revenue"

References

  1. ^ "JO 7340.2J Contractions" (PDF). Federal Aviation Administration. 10 October 2019. Retrieved 15 November 2019.
  2. ^ a b "VietJetAir on ch-aviation". ch-aviation. Retrieved 9 November 2023.
  3. ^ a b "Hàng không giá rẻ VietJet Air bay dịp tết". Tuổi Trẻ Online. 30 November 2011.
  4. ^ a b "Vietnamese government approves country's first privately owned airline". Forbes. 30 November 2007. Archived from the original on 7 March 2009.
  5. ^ "Kinh tế 24h VietJet Air chính thức cất cánh từ 25/12". Vietnam Economic Forum. 29 November 2011.
  6. ^ a b "VietJet Air to take off next month". Vietnam News Service. 30 November 2011. Retrieved 30 November 2011.
  7. ^ "VietJet Air welcomes its 10 millionth passenger". VietJet Air. Retrieved 11 February 2015.
  8. ^ "Vietjet receives the 24,999,999th passenger". VietJetAir.com. VietJet Air. Retrieved 23 December 2015.
  9. ^ "VietJetAir replaces General Director".
  10. ^ "[1]." "VIETJET AVIATION JOINT STOCK COMPANY, Head office: Block 1, Apartment 2C, Van Phuc Diplomatic Corps, Ngoc Khanh Ward, Ba Dinh District, Ha Noi, Viet Nam"
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  13. ^ VIETJET AIR to launch the first flight in Quarter IV Archived 2011-09-01 at the Wayback Machine. March 10, 2009. VietJet Air.
  14. ^ VietJet Air seeks to delay launch for 5th time Archived 2012-03-20 at the Wayback Machine. June 16, 2010. Tuoi Tre.
  15. ^ "AirAsia calls off Vietnam joint venture". Agence France-Presse. 12 October 2011.
  16. ^ [2] Archived 2012-09-07 at archive.today
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  44. ^ "Vietjet Receives Sixth Airbus A330". VietJet Air. Retrieved 1 April 2022.
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  57. ^ "Thoả thuận đặt hàng máy bay qua 3 đời Tổng thống". baodautu (in Vietnamese). Retrieved 29 December 2023.
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