Vietnam Air Cargo Hits Record 1.8M Tonnes; HVN to Launch Cargo Fleet

Overview

Vietnam’s air cargo volume reached a record 1.8 million tonnes in 2025, up from 1.5 million tonnes in 2024, according to the Civil Aviation Authority of Vietnam. International cargo accounts for 74.7% of the total. Vietnam Airlines (HVN) plans to deploy dedicated cargo aircraft this year, a strategic move to compete in a market dominated by foreign carriers.

Key Facts

• Vietnam’s air cargo volume hit a record 1.8 million tonnes in 2025, surpassing the pre-pandemic level of 1.5 million tonnes in 2019.
• International cargo accounts for 74.7% of total air cargo volume.
• In the first half of 2026, Vietnamese airports handled 920,900 tonnes of cargo.
• Noi Bai International Airport handled 550,400 tonnes, nearly 60% of the national total and about 65% of international cargo.
• Foreign airlines hold over 80% of the international air cargo market to and from Vietnam.
• Vietnam Airlines (HVN) will introduce dedicated cargo aircraft this year, according to Chairman Đặng Ngọc Hòa.
• In 2021, IPP Air Cargo proposed a VND 2,400 billion investment to establish a cargo airline, but the project was not implemented.

What Happened

The Civil Aviation Authority of Vietnam reported that air cargo logistics is recovering strongly, driven by exports, high-tech manufacturing, and e-commerce. After a decline during 2020-2023 due to COVID-19, cargo volumes rebounded to 1.5 million tonnes in 2024 and reached a record 1.8 million tonnes in 2025. International cargo accounts for the majority, with Noi Bai Airport handling nearly 60% of the national total.

Despite the growth, Vietnamese carriers capture only a small share of the market. Foreign airlines control over 80% of international air cargo, as Vietnamese airlines primarily rely on belly cargo of passenger flights. Vietnam Airlines Chairman Đặng Ngọc Hòa announced that the airline will introduce dedicated cargo aircraft this year, marking a significant shift in its strategy to compete in the international cargo market.

Market Context

Vietnam Airlines (HVN) trades on HOSE, closing at VND 21,500 on August 1, 2026. The airline has been recovering from pandemic losses, and the cargo expansion could provide a new revenue stream. The broader Vietnamese aviation sector is benefiting from strong trade flows, but domestic carriers face intense competition from foreign cargo operators. The move into dedicated cargo aircraft aligns with the government’s push to enhance national logistics capabilities.

Strategic Significance

For long-term investors, Vietnam Airlines’ entry into dedicated cargo operations represents a strategic pivot to capture higher-margin cargo revenue. With international cargo accounting for over 74% of the market and foreign carriers dominating, HVN’s cargo fleet could improve its competitive position and reduce reliance on passenger belly cargo. This move also supports Vietnam’s ambition to strengthen its logistics infrastructure and retain more value in the supply chain. However, the success will depend on fleet utilization, route network, and the ability to compete on price and service with established foreign players.

What to Watch

• Timeline for delivery and deployment of the first dedicated cargo aircraft.
• Initial cargo routes and partnerships announced by Vietnam Airlines.
• Quarterly cargo revenue and volume figures in HVN’s financial reports.
• Market share data for Vietnamese carriers in international air cargo.
• Regulatory approvals and any government support for cargo fleet development.