General Director of Vietnam Airlines Le Hong Ha speaks at the 2023 annual general meeting of shareholders. (Photo courtesy of the corporation)
Hanoi (VNA)🌠 - Vietnam Airlines Corporationachieved positive financial results, with total consolidated revenue reaching 71.77trillion VND (nearly 2.95 billion USD) in 2022.
The figure was announced at Vietnam Airlines’ 2023 annual generalmeeting of shareholders held last weekend.
The figure exceeded the plan set by the general meeting ofshareholders by 20% and was 2.4 times higher than the results in 2021.Additionally, the number of consolidated losses decreased compared to the planreported at the 2022 annual general meeting of shareholders.
In terms of passenger transportation, Vietnam Airlines carried18.24 million passengers, surpassing the planned number by 7.5%. Theinternational tourist output reached more than 2.47 million visitors, whiledomestic visitors reached 15.77 million. These figures exceeded the plannedtargets by 9% and represented a 14.2% increase compared to 2019.
The year 2022 presented significant challenges for the aviationindustry, including rising input costs, particularly fuel costs. The averagefuel price in 2022 was 124.4 USD per barrel, which was 14.1 USD higher thanplanned (110.26 USD per barrel). This increase led to fuel costs rising toapproximately 2.4 trillion VND. Compared to 2019, fuel costs increased by about7.6 trillion VND. Moreover, the USD appreciated significantly against othercurrencies in the past two decades, resulting in higher input costs due to thehigh USD/VND exchange rate.
Furthermore, 2022 was marked by major global changes in politics,economics, and society. The international air transport market began reopeningon March 15, but many countries still had entry and quarantine regulations inplace, which made passengers hesitant to travel. China's "zero-COVID"policy froze its market, and conflicts between Russia and Ukraine, along withthe potential risk of a European economic recession, added to the challengingenvironment.
Despite these difficulties, Vietnam Airlines proactively developedplans for various scenarios and operated its production and business activitiesin line with market recovery. The company prioritised safety in epidemicprevention and control while balancing operational efficiency. By the end of2022, Vietnam Airlines had restored its entire domestic flight network comparedto pre-pandemic times and resumed operations on over 70% of internationalroutes. Transport output exceeded the yearly plan by 7-8%.
The corporation also implemented cost-cutting measures to enhanceefficiency. Total cost reductions in 2022 amounted to approximately 7.2trillion VND, with efforts such as negotiating price reductions andimplementing savings initiatives contributing to cost savings of around 4.29trillion VND./.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
General Director of Vietnam Airlines Le Hong Ha speaks at the 2023 annual general meeting of shareholders. (Photo courtesy of the corporation)
