National flag carrier Vietnam Airlines reported a post-audit profit of nearly VND8 trillion (US$312 million) in 2024, the highest in its history, thanks to strong international recovery and successful debt restructuring.

According to the audited consolidated financial report released on Monday, Vietnam Airlines’ total revenue and other income reached VND113.7 trillion ($4.4 billion), with the parent company accounting for VND85.4 trillion ($3.3 billion).

The consolidated after-tax profit hit a record VND7.96 trillion ($310 million), with the parent company contributing VND2.78 trillion ($108 million).

The airline attributed its historic earnings to three main factors, including a 17.2-percent year-on-year surge in international revenue, a successful negotiation that led to a VND4.71-trillion ($184 million) debt write-off for Pacific Airlines, and improved efficiency within the parent company and profitable operations of its subsidiaries.

Vietnam Airlines last year saw significant growth in passenger and cargo volumes, transporting 22.7 million passengers and 314,700 metric tons of cargo, up eight percent and 40 percent, respectively, against the 2023 figures. 

The airline's network-wide seat occupancy rate reached 80.6 percent, with improved operational efficiency, averaging 11 flight hours per aircraft per day, a 25-percent increase from 2023.

To meet rising demand, the carrier resumed nearly all pre-pandemic international routes and launched new ones, including services to Munich in Germany, Manila in the Philippines, and Phnom Penh in Cambodia.

Wide-body aircraft were also deployed on routes to India, Singapore, and China.

The Vietnamese government and National Assembly last year approved the final phase of Vietnam Airlines’ comprehensive restructuring plan. 

During the 2024-25 period, the airline will restructure assets and financial investments to restore positive equity.

Vietnam Airlines aims to carry 25.4 million passengers and 336,300 metric tons of cargo in 2025, targeting consolidated revenue of VND119.2 trillion ($4.6 billion).

To achieve this, the airline will focus on enhancing fleet efficiency, boosting labor productivity, and accelerating digital transformation.

It also plans to launch or resume 15 international routes, including destinations in Russia, Italy, Denmark, China, and the Middle East.

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