Vietnam Aviation: 110.4M Passengers, Fleet Grows 26 Aircraft as VJC and HVN Expand

Overview

Vietnam’s airports handled 110.4 million passengers in the first 10 months of the year, up 10.2% year-on-year, according to a report from the Civil Aviation Authority of Vietnam (Cục Hàng không Việt Nam) to the Ministry of Construction. The national fleet reached 261 aircraft as of 15 October, an increase of 26, with Vietjet (VJC, HOSE) operating 107 and Vietnam Airlines (HVN, HOSE) 94. The data matters for both listed carriers because it frames capacity growth against a widening gap between airport-level and home-carrier international demand.

Key Facts

• Total airport passengers reached 110.4 million in 10 months, up 10.2% year-on-year.
• International passengers hit 42.8 million, up 11.3%; domestic passengers reached 67.7 million, up 9.5%.
• Air cargo totalled 1.6 million tonnes, up 9.6%, with international cargo at 1.2 million tonnes (+15.4%) and domestic cargo down 7%.
• Vietnamese carriers transported 50.2 million passengers, up 7%, including 33.8 million domestic (+9.5%) and 16.3 million international (+2%).
• The national fleet stood at 261 aircraft as of 15 October, up 26 aircraft, per the Civil Aviation Authority of Vietnam.
• Vietjet operates 107 aircraft, mainly Airbus A321; Vietnam Airlines operates 94, spanning Airbus A320, A321, A350 and Boeing 787 families.
• Vietjet, Sun PhuQuoc Airways and Vietravel Airlines have taken delivery of aircraft in recent months.

What Happened

The Civil Aviation Authority of Vietnam reported to the Ministry of Construction that passenger volumes through Vietnamese airports rose 10.2% year-on-year to 110.4 million in the January-to-October period. International traffic grew faster than domestic at the airport level, up 11.3% to 42.8 million versus 9.5% to 67.7 million. Cargo throughput reached 1.6 million tonnes, up 9.6%, though the growth was entirely international, with domestic cargo falling 7%.

Vietnamese-flagged carriers moved 50.2 million passengers, up 7%, but their international traffic rose only 2% to 16.3 million, well below the 11.3% growth recorded across all airports. The authority attributed the fleet expansion to carriers adding aircraft ahead of the year-end peak, with Vietjet, Sun PhuQuoc Airways and Vietravel Airlines taking deliveries. Director Uông Việt Dũng asked carriers to review domestic networks, study restoring suspended routes and raise frequencies on high-demand sectors, tying network development to actual travel, trade and tourism demand.

Market Context

VJC closed at VND 131,600 and HVN at VND 21,100 on 29 October 2026, both on HOSE. The report lands as Vietnamese aviation enters its seasonally strongest fourth quarter, when carriers typically deploy added capacity on domestic leisure routes and international services to Northeast Asia. The 10.2% passenger growth supports the sector’s volume narrative, but the 2% international growth for Vietnamese carriers against 11.3% airport-wide suggests foreign airlines are capturing a larger share of inbound demand. The article does not disclose carrier-level revenue or yield data.

Strategic Significance

The fleet expansion to 261 aircraft, with Vietjet alone at 107, gives the listed carriers more seat capacity into the year-end peak, but the divergence in international growth is the more important signal. Vietnamese carriers are adding narrowbody-heavy fleets, Vietjet’s mostly A321 and Vietnam Airlines’ mixed A320/A321/A350/787, while their international passenger growth of 2% trails the airport-wide 11.3%. That gap implies foreign carriers are absorbing much of the inbound international demand, pressuring the home carriers to compete on route selection and frequency rather than pure capacity. For long-term investors, the thesis rests on whether added aircraft translate into load factor and yield gains on international routes, not merely domestic volume.

What to Watch

• November and December passenger data from the Civil Aviation Authority of Vietnam, covering the year-end peak.
• Vietjet and Vietnam Airlines fourth-quarter and full-year 2026 traffic disclosures, including international passenger growth.
• Any announcement on restored domestic routes or increased frequencies following Director Uông Việt Dũng’s directive.
• Further aircraft delivery announcements from Vietjet, Sun PhuQuoc Airways and Vietravel Airlines.
• International cargo trends, given the 15.4% growth in international freight against a 7% domestic decline.