Kuala Lumpur – Vietnam’s top low-cost airline, Vietjet, reported that 2024 was a game-changing year with unprecedented revenue growth. Along with a growth in international flight operations and AI-powered fuel efficiency systems, the company also reported significant expansion in multi-national filing tenders, marking Ailey’s exceptional ingenuity with a post-pandemic world. The airline’s amazing growth speaks volumes about its higher revenue prospects and strategic pivot in the new world order.
Surpassing All Meters For Revenue Growth
Plenty of revenue came through from previously unexplored sectors, as can be deduced from Vietjet’s 2024 financial statements. In just the last quarter, the company was able to achieve quarterly on-season after aviating revenues market share of 19.776 trillion VND, approximately equal to 3.5 billion RM. These are impressive likened quarter-on-quarter in revenue of the business for the entire airline market by 36. At the same time, after-tax profit soared by an incredible 247 per cent, reaching a figure of 167 VND, around 6.8 million RM.
In the initial segment alone, Vietnam-based airline fetched revenues of 71.545 trillion, which amounts to around 12.5 billion RM. Post-tax profits were also above the set threshold at 1.301 trillion VND, approximately equal to 228 million RM. This marked a monumental– 33 K% and 697 on revenue, with profit expanding. Consolidated figures hover over the 12.6 billion mark with revenue standing at 71.859 trillion VND, around 250 million RM. This along with other figures marks the roundoff of 23 and 516 per cent for varies indicators.
Vietjet’s total assets also soared to 99.5 trillion VMD by 31st December, amounting to 17.4 billion RM, coupled with nearly 70 trillion dollars in funding from investors.
Operational Efficiency and Fleet Growth
In the year 2024, Vietjet has operating records of over 25.9 million passengers in services that comprised 137 domestic and international flights, their service locations included 44 domestic and 101 international routes. The airline achieved a remarkable average passenger occupancy ratio of 87% and a technical reliability rate of 99.72% which is exceptional in the industry.
This year also turned out to be fruitful for Vietjet in terms of adding a further 10 modern aircraft to its fleet which helped improve operational efficiency as well as overall service capabilities. The airline’s unwavering commitment to servicing new international markets and growing domestic markets in a sustainable manner has propelled its growth.
Historical Achievement: Foray U.S Market and New Partnerships
In 2024 Vietjet has a historical landmark of operating its first Vietnam to United States route. That goal was achieved along with the talks with US partners on collaborating ventures estimated at USD 14 billion (around RM 62 billion). These contracts are an extension of the existing agreements of Vietjet with well-known industry players such as Boeing, GE, CFM, Pratt, and Whitney and Honeywell collectively worth around USD 50 billion (about RM 222 billion).
The carrier is working closer with SpaceX and inflight internet service providers in the hopes of making great strides in digitalization of passenger experience enabling them to leapfrog in their position in the technology ranks in aviation.
Sustainability Forefront With AI-Embedded Fuel Saving Strategies
Vietjet made a considerable impact on sustainability by signing a partnership agreement with OpenAirlines, one of the leading companies in the world specializing in providing AI-based fuel savings.
This airline became the first carrier in Vietnam that implemented SkyBreathe® which is an advanced platform that utilizes AI, big data and machine learning for fuel optimization. SkyBreathe® assesses over 21 million flights and pulls together aircraft data along with fuel reports into one comprehensive platform that uncovers specific possibilities for the consumption of fuel.
It is expected that the system will directly reduce fuel usage by 2% and more than 96,000 tons of CO2 emissions will be avoided in a year. Also, VietJet will implement SkyBreathe® MyFuelCoach, which is a focused application for pilots to assist them with active fuel management and provide customized fuel efficiency briefs and debriefs. SkyBreathe® MyFuelCoach is expected to enhance fuel economy even further.
Increasing The Scope of Connectivity For Malaysian Travelers
With the expansion of Vietjet, it is now more accessible for Malaysian nationals to travel to Vietnam, with a direct flight from Kuala Lumpur to the capital city, Hanoi and the economic capital, Ho Chi Minh City. The low-cost service coupled with high service standards has made it the preferred airline for a large number of travellers in Asia Pacific.
A very bright future for the company VietJet
A record-breaking achievement for VietJet in 2024 stands as a testament to the hard work put into strategy planning, and the flexibility and self-determination needed to push innovation forward. The company’s relentless attempts to expand its international presence along with implementing new technologies gives it the upper hand in the fight for better services in aviation alongside immense value for the passengers.
