Vietnam Airlines’ series of subsidiaries profit nearly 2,700 billion VND

Vietnam Airlines Corporation (Vietnam Airlines) currently has 15 subsidiaries with ownership rates ranging from 51% to 100%. In the 2025 annual report, 14 subsidiaries of Vietnam Airlines (excluding Pacific Airlines) achieved revenue of more than 49,710 billion VND.

These units profit about VND 2,690 billion, an increase of nearly 54% compared to 2024.

Among them, Skypec – “the goose that lays golden eggs” for the national airline continues to have the biggest profit with more than 605 billion VND, an increase of over 125%. This number is also close to the peak profit that the company, 100% owned by Vietnam Airlines, achieved in the pre-Covid-19 period. Last year, this business supplied more than 1.75 million tons of aviation fuel to the market, an increase of more than 9.7%.

Behind Skypec are two cargo service companies at Noi Bai airport (NCTS) and Tan Son Nhat (TCS). Of which, NCTS profit was over 478 billion VND (up 44.7%), TCS profit was over 432 billion VND (up 11.7%).

The group of companies “Vietnam Airlines” with profits of hundreds of billions last year also includes a company specializing in providing services at VIAGS cargo and passenger stations with 358.3 billion VND (an increase of 44.7%); VAECO aircraft maintenance and repair organization with 308.8 billion (up 13.4%). VACS airline catering company also made a profit of nearly 226 billion VND, cargo delivery company TECS more than 107 billion VND.

Last year, eight subsidiaries of Vietnam Airlines recorded double-digit profit growth. Of the 14 businesses announcing business results, only 2 units reduced profits: Vinako – a company specializing in providing freight forwarding services to the Japanese market (down 0.7%), AITS – a company providing information technology and telecommunications services (16.5%).

The national airline did not announce Pacific Airlines’ business results in its 2025 annual report. Previously, in 2024, this low-cost airline suddenly reported a pre-tax profit of more than VND 2,500 billion, mainly thanks to paying off all its aircraft. Since then, Vietnam Airlines has leased 3 ships to Pacific Airlines to maintain AOC, as well as flight slots according to regulations.

Thanks to positive market growth, Vietnam Airlines achieved consolidated pre-tax profit of more than VND 8,450 billion – a record high. The national airline’s total revenue is about 123,000 billion VND, an increase of 10% compared to 2024.

In the first three months of 2026, Vietnam Airlines continues to have a pre-tax profit of about VND 4,680 billion. This business achieved positive results because this is the peak period serving the Lunar New Year for the aviation industry. In addition, increasing international flights, especially to Europe, helped the airline increase revenue by 28.6%.

The conflict in the Middle East has impacted the energy market since early March, but the national airline said it has not had a clear impact on business results in the first quarter. However, the airline forecasts that the business situation will face challenges, affecting profit margins from now until the end of the year.