Vietnam Airlines flying higher
HANOI – Vietnam Airlines has reported revenues of US$1.27 billion for 2007, a year-on-year increase of 15.5 percent, despite high fuel costs and increased competition. Pre-tax profits reached US$23 million, up 6.4 percent.
The airline flew eight million domestic customers in 2007 and serviced 3.2 million passengers on international flights, which made up 40 percent of total flights.
“This is an impressive development for Vietnam Airlines in 2007, especially in the context of fierce competition in the international and domestic market and high fuel cost,” said director general Pham Ngoc Minh.
“In 2008 Vietnam Airlines targets nine million customers,” said Minh, adding that the carrier aimed for revenue growth above 14 percent next year.
Minh pointed out ensuring enough aircraft and pilots, improving the efficiency of the whole network, and cutting operation costs as among the measures to realise the goal and enhance competitiveness.
The airline reported seat-occupancy of more than 75 percent in 2007, up 4.2 percentage points year-on-year.
Vietnam Airlines, which is set to be part privatised to compete against new airlines and budget carriers entering the Vietnamese market, now has direct flights to 26 major cities in the Asia-Pacific region and Europe.
It operates 47 aircraft, including 10 Boeing 777s, 10 Airbus A320, 11 A321 and four A330s. It will receive four more A321s next year and four Boeing 787-8 Dreamliners from 2009.
The airline, and an aircraft leasing company, this month also ordered 10 A350-900XWB aircraft and 20 Airbus A321-200s, after signing contracts for 12 Boeing 787-8 Dreamliners in November.
Under a modernisation plan, Vietnam Airlines says it expects to expand its fleet to 85 aircraft by 2015 and 110 planes by 2020.
Ian Jarrett
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