Vietnam Airlines (VNA), the national flag carrier, and its subsidiaries experienced strong financial performance last year, with its 14 key subsidiaries reporting significant profits. According to the 2025 annual report, these subsidiaries, excluding Pacific Airlines, generated over 49,710 billion Vietnamese dong in revenue.

Cumulatively, these units posted a pre-tax profit of approximately 2,690 billion Vietnamese dong, marking an increase of nearly 54% compared to 2024. This positive trend extended to the parent company, Vietnam Airlines, which recorded a consolidated pre-tax profit exceeding 8,450 billion Vietnamese dong, a record high. The national airline's total revenue reached about 123,000 billion Vietnamese dong, a 10% increase from 2024.

The first three months of 2026 saw Vietnam Airlines continue its profitability, with a pre-tax profit of approximately 4,680 billion Vietnamese dong. This strong start to the year was largely attributed to the peak Lunar New Year travel season. Additionally, a 28,6% increase in international flights, particularly to Europe, significantly boosted the airline's revenue.

Skypec, VNA's wholly-owned subsidiary and a primary profit driver, led the pack with a pre-tax profit of over 605 billion Vietnamese dong, an increase of more than 125%. This figure nearly matches its pre-Covid-19 era peak. Last year, Skypec supplied over 1,75 million tons of aviation fuel to the market, marking a 9,7% rise.

Following Skypec in profitability were two airport cargo service providers: Noi Bai Cargo Terminal Services (NCTS) and Tan Son Nhat Cargo Services (TCS). NCTS reported a pre-tax profit of over 478 billion Vietnamese dong, up 44,7%, while TCS achieved over 432 billion Vietnamese dong, an 11,7% increase.

Other VNA-affiliated companies also contributed hundreds of billions in profit last year. Vietnam Airport Ground Services (VIAGS), which provides ground handling and passenger services, earned 358,3 billion Vietnamese dong, a 44,7% increase. Vietnam Airlines Engineering Company (VAECO), specializing in aircraft maintenance, repair, and overhaul (MRO), reported 308,8 billion Vietnamese dong, up 13,4%. Vietnam Air Catering Services (VACS) saw a profit of nearly 226 billion Vietnamese dong, and Trade and Express Cargo Services (TECS) earned over 107 billion Vietnamese dong.

Last year, eight of Vietnam Airlines' subsidiaries reported double-digit profit growth. Among the 14 companies that disclosed their business results, only two experienced a decline in profit: Vinako, a freight forwarding service provider focused on the Japanese market, saw a 0,7% decrease, and Aviation Information Technology Solutions (AITS), which offers information technology and telecommunications services, recorded a 16,5% drop.

Vietnam Airlines' 2025 annual report did not include the business results for Pacific Airlines. Previously, in 2024, the low-cost carrier surprisingly reported a pre-tax profit exceeding 2,500 billion Vietnamese dong, primarily due to the return of its leased aircraft. Since then, Vietnam Airlines has leased three aircraft back to Pacific Airlines to ensure the maintenance of its air operator certificate (AOC) and flight slots.

Despite a positive Q1, the Middle East conflict, which began to impact energy markets in early March, has not yet clearly affected Vietnam Airlines' Q1 business results. However, the airline anticipates facing challenges and potential impacts on its profit margins throughout the remainder of the year.

Anh Tu