Vietjet (VJC) 9-Month Revenue Up 41% to VND 74,385B on International Network Expansion

Overview

Vietjet (HOSE: VJC) reported nine-month consolidated revenue of VND 74,385 billion, up 41% year-on-year, and after-tax profit of VND 1,721 billion, equivalent to 82% of its annual target. The airline attributed the result to international route expansion, fleet investment and ancillary and aviation-finance activity. Revenue reached 86% of the full-year plan.

Key Facts

• 9M consolidated revenue: VND 74,385 billion, +41% year-on-year, equal to 86% of the annual plan.
• 9M after-tax profit: VND 1,721 billion, equal to 82% of the full-year target.
• Q3 consolidated revenue: VND 22,849 billion, +35% year-on-year; Q3 after-tax profit: VND 348 billion.
• Q3 operations: 39,000 flights and 7.3 million passengers carried.
• 9M traffic: more than 20.7 million passengers on 111,700 flights, plus over 58,000 tonnes of cargo.
• Network at 223 routes, comprising 176 international and 47 domestic; parent-company 9M revenue VND 67,857 billion (+30%) and profit VND 1,467 billion (80% of plan).
• Total consolidated assets of VND 152,800 billion at 30 September; net debt-to-equity 2.4x; current ratio 1.38x; VND 5,944 billion contributed to the state budget.

What Happened

Vietjet published the results in a company disclosure covering the first nine months of the year. Consolidated revenue of VND 74,385 billion rose 41% from a year earlier, while after-tax profit of VND 1,721 billion met 82% of the annual target. At the parent company, nine-month revenue reached VND 67,857 billion, up 30%, with after-tax profit of VND 1,467 billion, or 80% of plan. The company said the result drew on passenger and cargo transport, ancillary services, and aircraft trading and financing activity executed according to plan.

In the third quarter alone, Vietjet operated 39,000 flights and carried 7.3 million passengers, generating consolidated revenue of VND 22,849 billion (+35%) and after-tax profit of VND 348 billion. Over nine months the carrier flew more than 20.7 million passengers on 111,700 flights and moved over 58,000 tonnes of cargo. Management linked the growth to network expansion, including new links such as Hà Nội–Almaty, Hà Nội–Praha and Almaty–Praha, plus TP Hồ Chí Minh–Colombo and planned services to the Maldives and Western Sydney from January 2027. The airline also took delivery of its 11th Boeing 737-8 in Seattle and signed technology and maintenance partnerships with Starlink, Rolls-Royce and CFM International.

Market Context

VJC closed at VND 132,300 on 2 November 2026 on HOSE. The stock trades in the airline segment of the Vietnamese market, where valuations are sensitive to fuel costs, fleet financing and international traffic recovery. The 41% revenue growth and 82% profit-plan completion position VJC ahead of the sector’s typical seasonal pattern, in which the fourth quarter and Tết period carry the heaviest travel demand. The disclosure does not break out fuel or lease costs, so the margin picture behind the profit line is not yet visible from this release alone.

Strategic Significance

The thesis for VJC rests on the shift of its network toward international routes, which now account for 176 of 223 services and carry higher yields than saturated domestic trunk routes. Fleet expansion, including the 737-8 deliveries and A330neo engine support from Rolls-Royce, plus the planned Long Thành maintenance centre with CFM, points to a strategy of internalising engineering capability to lower unit costs over time. Leverage remains the key constraint: net debt-to-equity of 2.4x and total assets of VND 152,800 billion mean the growth model depends on continued access to aircraft financing and on keeping the current ratio above 1x.

What to Watch

• Q4 and full-year 2026 results, including whether the remaining 18% of the profit target is met.
• Disclosure of fuel, lease and maintenance cost lines to assess margin quality behind the 41% revenue growth.
• Progress on the Long Thành maintenance centre and the CFM LEAP and Rolls-Royce Trent 7000 support agreements.
• Launch status of the TP Hồ Chí Minh–Western Sydney route scheduled for January 2027.
• Any update on net debt-to-equity and aircraft-financing commitments as new deliveries arrive.