ANA Holdings: ‘Vietnam Airlines is entering a growth cycle’

At the 2026 Annual General Meeting of Shareholders of Vietnam Airlines on June 28, Mr. Katayama Tōru, Senior Director in charge of Alliances and International Relations of ANA Holdings, said that the past 10 years have been a period in which the global aviation industry has continuously faced many major fluctuations, from Covid-19, rising fuel prices to supply chain disruptions and aircraft shortages. In that context, the company still maintains its recovery momentum thanks to flexible operating capacity and restructuring solutions.

“Efforts to restructure, optimize operations and improve operational efficiency have helped significantly improve Vietnam Airlines’ business results. The timely support of the Vietnamese Government also plays an important role in the airline’s recovery process,” Mr. Katayama Tōru added.

ANA leaders commit to continue accompanying as a strategic shareholder, while maximizing the cooperation between the two parties to promote business efficiency and long-term growth.

Mr. Katayama Tōru’s assessment comes in the context of Vietnam Airlines closing 2025 with positive business results. Consolidated revenue reached 123,858 billion VND, consolidated profit after tax reached 7,607 billion VND. The airline safely conducted 156,200 flights, transported 25.65 million passengers and 340,200 tons of goods.

Operational efficiency continued to improve when the average operating hours reached 11.8 hours per day per aircraft, an increase of 8% over the same period. The flight network was completely restored and expanded to 113 routes, connecting 22 domestic points and 39 international points in 22 countries.

In addition to business results, Vietnam Airlines continues to deploy many solutions to improve customer experience such as providing in-flight Internet, applying VNeID biometrics in the check-in process, synchronizing services at Terminal T3 – Tan Son Nhat International Airport and developing a new e-commerce platform.

According to Mr. Le Hong Ha, General Director of Vietnam Airlines, this year there will be more great pressure when geopolitical developments push jet fuel prices up sharply. The average Jet A1 fuel price for the whole year is expected to reach 128.54 USD per barrel, an increase of nearly 48% compared to 2025. The fuel price factor alone increases costs of about 11,900 billion VND, not including the impact of exchange rates and exploitation output.

“Since April, production and business activities have been seriously affected by the increase in jet fuel prices due to the conflict in the Middle East, significantly increasing input costs and directly affecting business performance,” Mr. Ha added.

In addition to fuel prices, Vietnam Airlines is under pressure from exchange rate fluctuations, increasing global technical and logistics costs, green transformation requirements as well as increasingly fierce competition as many airlines simultaneously expand their fleets.

Faced with market developments and aircraft shortages, the airline adjusts operating frequency according to actual needs, optimizing commercial efficiency and protecting the core products of the domestic flight network. The unit maintains the key market share of Vietnam Airlines Group, including Vietnam Airlines, Pacific Airlines and Vasco, on trunk routes, continues to increase the load on tourist routes and operates flexible loads to ensure operational efficiency.

In 2026, Vietnam Airlines aims to transport 27.73 million passengers and 361,400 tons of goods, an increase of 8.1% and 6.2% respectively compared to 2025. Consolidated revenue is expected to reach 138,899 billion VND, an increase of more than 12%.

In parallel with the growth goal, the unit continues to prepare resources for the long-term development period.

Mr. Dang Ngoc Hoa, Chairman of the Board of Directors of Vietnam Airlines, said that the airline will restructure its organization, arrange and optimize production and business processes, and at the same time, ensure high-quality human resources including pilots, flight attendants and engineers to prepare for a period of double-digit growth in the near future.

In the context of a global aircraft shortage, in addition to optimally exploiting the existing fleet, Vietnam Airlines maintains additional investment, replaces the fleet and deploys dry and wet lease options to meet operating needs in each period.

In addition, the airline invests in expanding the aviation ecosystem, from technical maintenance, logistics, ground services to infrastructure at key airports such as Tan Son Nhat, Noi Bai and Long Thanh; At the same time, research investment opportunities at Gia Binh airport and related projects.

At Long Thanh airport, Vietnam Airlines plans to build a large-scale aircraft maintenance center in the region, serving its fleet and international airlines. The unit aims to produce aviation equipment, engine repair and overhaul, electronic technology and participate more deeply in the regional aviation engineering value chain.

Vietnam Airlines’ long-term goal is to build a synchronized aviation service ecosystem similar to the models of major airlines such as Emirates, Singapore Airlines or Air France…, thereby improving customer experience and increasing competitiveness.

“Vietnam Airlines strives to demonstrate its leading role in developing Vietnam’s aviation industry, and at the same time, coordinates with businesses in the industry to promote the overall development of the entire national aviation ecosystem,” Mr. Hoa emphasized.

In addition to expanding its fleet and infrastructure, the airline promotes digital transformation, develops according to ESG (environmental, social and governance) criteria, and researches the use of sustainable aviation fuel (SAF). With this strategy, Vietnam Airlines aims to realize its goal of becoming a 5-star airline by 2030.

Currently, the airline operates about 105 aircraft, including 31 wide-body aircraft. Vietnam Airlines has signed a contract to purchase 50 new generation narrow-body Boeing aircraft. At the same time, it is working with partners to lease an additional 30-50 narrow-body aircraft and research plans to lease and buy about 30 wide-body aircraft to expand its international flight network, especially transcontinental routes.