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Vietnam Airlines reported consolidated revenue from the sale of goods and the provision of services of 36,946 billion VND in Q1 2026, a 20.7% year-on-year increase. Net profit after tax reached over 4,514 billion VND, up 29.5%.
As of March 31, 2026, the group’s total assets stood at 79,063 billion VND. Long-term assets included financial investments of more than 2,713 billion VND, comprising 2,266 billion VND invested in associates and joint ventures and 522 billion VND invested in other units.
Despite the asset base, the company reported accumulated losses of 22,303 billion VND and short-term debt of 57,946 billion VND, which was far higher than current assets of 35,730 billion VND.
In an open letter to staff, Chairman Dang Ngoc Hoa said global conditions had shifted rapidly and become more complex than previously projected. He pointed to the Middle East conflict from late February 2026 as a shock to the global aviation industry, pushing Jet A-1 fuel prices from the planned level of about 85 USD per barrel to as high as 242 USD per barrel—described as the largest increase ever, far exceeding operating scenarios the company had laid out.
Chairman Dang Ngoc Hoa said the volatility narrowed the company’s buffer and required proactive adaptation to protect stability and the airline’s long-term future. He emphasized that operational streamlining, enhanced efficiency, stronger discipline, and eliminating delays and waste are urgent priorities.
The group has activated its highest-level emergency response mechanism to maintain operations and defend the national carrier’s position. Management also stressed that cost-reduction measures and resource optimization are essential in the current period.
Vietnam Airlines acknowledged that the measures will directly affect employees. The chairman said: “We understand the direct impact on every worker’s life, but in this context, every sacrifice is meaningful to help the Golden Lotus continue its journey amid current headwinds, and it is also a way for us to safeguard Vietnam Airlines.”
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