Aviation – Note – [NONRATED] – Competition arises in the international market

In 3Q24, the aviation industry revenue (represented by HVN and VJC with 70- 80% of total scheduled seats) increased 9% YoY thanks to higher air traffic (+7% YoY), but lower air passengers (-4% YoY). In 3Q24, HVN posted revenue of VND26.6tn (+13% YoY) and VND862bn NPAT (vs VND2.2tn NPAT loss in 3Q23), VJC’s net revenue rose to VND18.2tn (+28% YoY) and NPAT skyrocketed to VND571bn (10x vs 3Q23), but aircraft sales was the main driver of 3Q24 revenue and profits growth.