Vietjet Air Appoints New CEO as Q1 Profit Surges 60%

Overview

Vietjet Aviation Joint Stock Company (VJC) has appointed Nguyen Thanh Son as its new Chief Executive Officer, effective April 29, 2026. The leadership change comes as the airline reports a 60% surge in Q1 2026 net profit and proposes investments in several major airports, signaling an ambitious growth phase.

Key Facts

• Nguyen Thanh Son, born 1971, holds an MBA and has over 30 years of aviation experience, including stints at Pacific Airlines and Qatar Airways.
• He joined Vietjet early on and served as Deputy CEO (2018), then Chief Operating Officer (mid-2025) before becoming CEO.
• Outgoing CEO Dinh Viet Phuong, who held the position since April 2023, transitions to Vice Chairman of the Board for the 2022-2027 term.
• Q1 2026 consolidated revenue reached VND 21,021 billion; net profit was VND 1,023 billion, up 60% year-on-year.
• The airline achieved 24% of its full-year revenue target and over 40% of its profit target in the first quarter.
• Vietjet carried 7.2 million passengers on nearly 39,900 flights in Q1, up 5% and 3% respectively; international passengers rose 8% to 2.6 million.
• The company has proposed investments in airport infrastructure at Long Thanh, Tan Son Nhat, Noi Bai, Chu Lai, and Tho Xuan.

What Happened

Vietjet’s Board of Directors approved the appointment of Nguyen Thanh Son as CEO, replacing Dinh Viet Phuong, who moves to the role of Vice Chairman. The decision was announced in a company filing. Son, a veteran with over three decades in aviation, has been with Vietjet since its early days and previously held senior roles in commercial and marketing functions.

Concurrently, Vietjet released its Q1 2026 financial results, showing robust growth. Consolidated net profit rose 60% to VND 1,023 billion, driven by higher passenger traffic and improved load factors. The airline also disclosed plans to invest in airport infrastructure at five major airports, including Long Thanh and Tan Son Nhat. Minister of Construction Tran Hong Minh stated that the ministry would review Vietjet’s proposals based on planning, safety, and efficiency criteria.

Market Context

VJC shares closed at VND 176 on April 15, 2026, up 5.82% with high volume of 2.5 million shares, indicating positive market sentiment. The stock trades on HOSE. The aviation sector in Vietnam is recovering strongly post-pandemic, with rising domestic and international travel demand. Vietjet’s Q1 performance and expansion plans align with this trend, though competition from Vietnam Airlines and Bamboo Airways remains intense.

Strategic Significance

The leadership transition places a company insider with deep operational experience at the helm, ensuring continuity. Son’s background in commercial and marketing functions suggests a focus on revenue growth and market share. The airport investment proposals, if approved, could diversify Vietjet’s revenue streams and strengthen its competitive position by securing preferential access to infrastructure. The strong Q1 results provide a solid foundation for the new CEO to execute the 2026 targets: revenue of VND 86,774 billion (+24%) and pre-tax profit of VND 2,421 billion (+15%).

What to Watch

• Approval status of Vietjet’s airport investment proposals from the Ministry of Construction and other regulators.
• Q2 2026 earnings release to confirm sustained profit growth trajectory.
• Load factor trends and international passenger growth, especially on new routes.
• Any strategic shifts under the new CEO, such as fleet expansion or route network changes.
• Foreign ownership levels and institutional investor response to the leadership change.