The two "big guys" in the aviation industry, Vietnam Airlines - JSC and Vietnam Airports Corporation (ACV), both play a key role in connecting infrastructure, transporting goods and passengers in the economy.
In particular, both units have recovered strongly and gradually changed positively after the pandemic with strong growth in revenue and profit. In particular, ACV always maintains good profits but still faces high financial cost pressure, while Vietnam Airlines still faces many challenges such as accumulated losses, equity loss, etc.
Vietnam Airlines changes positively but still faces many challenges
Vietnam Airlines holds the position of a national airline, accounting for the largest passenger transport market share in the country. In the 2020-2023 period, the company suffered heavy losses due to COVID-19, accumulated losses exceeding VND 41,000 billion by the end of 2023, negative equity.
In 2024, Vietnam Airlines has changed positively, the company has earned more than VND 7,957 billion in after-tax profit, ending a streak of 4 consecutive losses.
In the first half of 2025, the company continued to grow impressively. In the second quarter of 2025, consolidated revenue reached VND 28,058 billion and profit after tax reached VND 2,922 billion.
The parent company alone recorded revenue of VND 22,793 billion and profit after tax of VND 2,764 billion. The gross profit from sales and service provision of the parent company reached VND3,934 billion, equivalent to about 17% of revenue.
In the first half of 2025, the company recorded revenue of VND 58,675 billion, up 10.5% over the same period last year; consolidated pre-tax profit of VND 6,716 billion, up nearly 20%; after-tax profit of VND 6,642 billion, up nearly 23% over the same period last year.
This is also the highest semi-annual profit rate ever for this corporation and has exceeded the business target for the whole year of 2025. This figure is also twice the profit that the "big guy" of aviation Vietnam achieved in the golden period of 2017-2019.
Although business activities have had positive changes, challenges for Vietnam Airlines are still huge such as: handling accumulated losses, adding charter capital and restructuring finances...
As of June 30, 2025, the company still suffered accumulated losses of VND 27,389 billion, significantly narrowing compared to the loss of VND 33,614 billion at the beginning of the period. The company still has a negative equity of VND 3,098 billion, a sharp decrease compared to VND 9,344 billion at the beginning of the year.
Recently, Vietnam Airlines received positive news, on September 11, the Government issued Decree 245/2025/ND-CP amending and supplementing a number of articles of Decree 155/2020/ND-CP guiding the Securities Law. An important point in this decree is that the Prime Minister has the right to decide not to apply the regulation on canceling mandatory listings in special cases for socio-economic, security and defense tasks.
With the new clause, the possibility of HVN being forced to cancel its listing - as HoSE warned - is almost gone. This is considered a factor that "untie" investors' psychology, helping stocks increase strongly.
ACV maintains high profits but is also under cost pressure
Vietnam Airports Corporation (ACV) is a highly financially efficient enterprise in the state infrastructure - transport group.
After a period affected by COVID-19, ACV quickly recovered. In 2023, total consolidated revenue will reach VND 20,102 billion, up 44.6% over 2022. Profit after tax reached over VND 8,469 billion, 17% higher than the previous year.
Entering 2024, ACV recorded consolidated net revenue of VND 22,700 billion, up nearly 13% compared to 2023. Profit after tax reached VND 11,676 billion, up nearly 38% over the previous year.
In the first half of 2025, the results began to show signs of slowing down. Revenue reached VND12,727 billion, up more than 13% over the same period last year, but profit after tax only reached VND5,725 billion, down more than VND400 billion over the same period. The main reason comes from the sharp increase in financial expenses from VND45 billion to VND1,017 billion, especially the exchange rate loss of up to VND934 billion, while the same period last year did not record this loss.
