Vietjet's Thai JV Targets Doubled Revenue and 50-Aircraft Fleet by 2028

Overview

Thai Vietjet Air, the Thailand-based joint venture of HOSE-listed Vietjet Aviation (VJC), has set a target to double revenue by 2028 while expanding its fleet to 50 aircraft, according to CEO Woranate Laprabang. The carrier reported 3.5 million passengers and THB 10 billion (about USD 297 million) in revenue in the first half of 2026. The plan matters for VJC because it converts the Thai unit into a larger earnings contributor and a platform for regional expansion from Bangkok.

Key Facts

• Thai Vietjet Air targets doubling revenue by 2028, per CEO Woranate Laprabang, speaking at a press conference last week.
• The fleet is to grow from 17 Boeing aircraft as of September to 29 by end-2026, 39 by 2027 and 50 by 2028.
• The carrier is transitioning from Airbus A320 and A321 aircraft to Boeing 737-8s, with entry into service expected from January.
• H1 2026 results: more than 3.5 million passengers, about 4 million seats offered, and an 85% load factor.
• H1 2026 revenue reached THB 10 billion, equivalent to roughly USD 297 million.
• The route network expanded to 36 routes by June, up from 29 at end-2025, with Kuala Lumpur and Jakarta among planned additions from Bangkok.
• Thai Vietjet also aims to double its headcount by 2028; the airline began operations in 2016.

What Happened

Thai Vietjet Air, also known as Vietjet Thailand, outlined a multi-year expansion plan centered on fleet renewal and international route growth. CEO Woranate Laprabang said the airline will introduce new-generation aircraft, including the Boeing 737-8, while continuing carbon-reduction initiatives over the next decade. The carrier is progressively replacing its Airbus A320 and A321 fleet with Boeing 737-8s, which are scheduled to enter service from January. The longer range of the new aircraft supports additional international routes from Bangkok, including Kuala Lumpur and Jakarta.

The disclosure came at a press conference last week and was reported by Nikkei Asia. Thai Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn credited Vietjet Thailand with contributing to the country’s tourism and trade by providing accessible travel options. Management expects the airline to rank among Thailand’s leading carriers within five years, though it competes with domestic low-cost rivals Thai AirAsia and Thai Lion Air. The article does not disclose the joint venture’s ownership split, capital expenditure for the fleet, or financing arrangements.

Market Context

VJC closed at VND 129,400 on 2 October 2026 on the Ho Chi Minh City Stock Exchange (HOSE). The update is a guidance-raise signal for the group’s international operations rather than a change to Vietjet’s consolidated financials, and no revised consolidated revenue or profit figure was provided. Vietnamese aviation has been in a recovery-and-expansion phase, with carriers adding aircraft and international routes as travel demand normalizes; Thailand is one of the region’s most competitive low-cost markets, so the Thai unit’s execution is a test of Vietjet’s ability to replicate its home-market model abroad.

Strategic Significance

The strategic case rests on fleet economics and network reach. Shifting to an all-Boeing 737-8 fleet lowers the number of aircraft types Thai Vietjet must support, while the longer range opens routes from Bangkok that the current Airbus narrowbodies serve less efficiently. If the airline reaches 50 aircraft and doubles revenue by 2028, the Thai joint venture would move from a peripheral venture to a meaningful second growth engine for VJC, diversifying earnings away from the Vietnamese domestic market and strengthening the group’s position in Southeast Asian low-cost travel. The main constraint is competitive: Thai AirAsia and Thai Lion Air already hold entrenched positions in Thailand, so gains depend on route selection and cost discipline rather than market growth alone.

What to Watch

• Monthly or quarterly Boeing 737-8 delivery updates against the 29-aircraft target for end-2026.
• Launch dates and load factors for the planned Kuala Lumpur and Jakarta routes from Bangkok.
• H2 2026 passenger and revenue figures, to test whether the doubling target is on track.
• VJC consolidated financial statements for any disclosure of Thai Vietjet’s contribution or ownership structure.
• Competitive capacity moves by Thai AirAsia and Thai Lion Air on overlapping routes.