Vietnam Airlines Subsidiaries Post VND 2,690B Profit in 2025, Up 54%

Overview

Vietnam Airlines (HVN) disclosed in its 2025 annual report that 14 of its subsidiaries (excluding Pacific Airlines) generated a combined profit of approximately VND 2,690 billion, a 54% increase year-on-year. The strong performance was led by fuel supplier Skypec, cargo handlers NCTS and TCS, and other service units. The parent company also posted a record consolidated pre-tax profit of over VND 8,450 billion for 2025.

Key Facts

• 14 subsidiaries of Vietnam Airlines reported combined profit of VND 2,690 billion in 2025, up 54% from 2024.
• Skypec, the largest profit contributor, earned VND 605 billion (+125%), nearly matching its pre-COVID peak.
• Skypec supplied over 1.75 million tonnes of aviation fuel in 2025, up 9.7%.
• NCTS (Noi Bai Cargo Services) posted profit of VND 478 billion (+44.7%).
• TCS (Tan Son Nhat Cargo Services) posted profit of VND 432 billion (+11.7%).
• Vietnam Airlines’ consolidated pre-tax profit for 2025 reached a record VND 8,450 billion.
• In Q1 2026, the parent company recorded pre-tax profit of approximately VND 4,680 billion.

What Happened

According to Vietnam Airlines’ 2025 annual report, 14 of its 15 subsidiaries (excluding Pacific Airlines) generated total revenue of over VND 49,710 billion and profit of about VND 2,690 billion, a 54% increase from 2024. Skypec, the aviation fuel subsidiary wholly owned by Vietnam Airlines, led with profit of VND 605 billion, up 125%, nearly reaching its pre-COVID peak. Two cargo service companies at major airports, NCTS (Noi Bai) and TCS (Tan Son Nhat), followed with profits of VND 478 billion and VND 432 billion, respectively.

Other notable contributors include VIAGS (ground services) with VND 358.3 billion (+44.7%), VAECO (aircraft maintenance) with VND 308.8 billion (+13.4%), VACS (catering) with VND 226 billion, and TECS (cargo forwarding) with VND 107 billion. Eight subsidiaries recorded double-digit profit growth. Only two units saw profit declines: Vinako (freight forwarding to Japan, -0.7%) and AITS (IT and telecom services, -16.5%). The parent company itself achieved record consolidated pre-tax profit of VND 8,450 billion on revenue of VND 123,000 billion (+10%). In Q1 2026, Vietnam Airlines continued its strong performance with pre-tax profit of VND 4,680 billion, benefiting from the Lunar New Year peak and a 28.6% increase in international flight revenue.

Market Context

Vietnam Airlines (HVN) shares closed at VND 23,000 on April 15, 2026, up 2.24% with volume of 1,115,400 shares. The stock has been supported by the company’s strong earnings recovery post-COVID. The aviation sector in Vietnam has benefited from robust travel demand and expansion of international routes, particularly to Europe. However, rising fuel costs due to geopolitical tensions in the Middle East pose a risk to margins in the coming quarters.

Strategic Significance

The strong performance of Vietnam Airlines’ subsidiaries underscores the resilience of its diversified service portfolio beyond core passenger transport. Skypec, as the dominant aviation fuel supplier, benefits from volume growth and pricing power. Cargo and ground handling units (NCTS, TCS, VIAGS) are well-positioned to capture growth in air freight and passenger traffic. The record consolidated profit demonstrates successful cost management and operational leverage. However, the exclusion of Pacific Airlines’ results and the potential impact of fuel price volatility remain key considerations for long-term investors.

What to Watch

• Q2 2026 earnings release for Vietnam Airlines and its subsidiaries, expected in August 2026.
• Fuel price trends and their impact on Skypec’s margins and overall group profitability.
• Updates on Pacific Airlines’ operational status and potential return to profitability.
• International route expansion, especially to Europe and Northeast Asia, as a driver of revenue growth.
• Any regulatory changes affecting aviation fuel supply or airport service fees.