- HVN announced 9M 2023 revenue of VND67.6tn (USD2.9bn; +32.3% YoY) and a net loss of VND3.7tn (USD159mn) — 52% lower than the loss in 9M 2022. HVN’s 9M 2023 revenue and net loss are equivalent to 79% and 47% of our respective 2023F forecasts.  

- HVN's loss in 9M 2023 was lower than our expectations, primarily due to the faster-than-expected recovery of the HVN international segment and lower-than-expected pressure from fuel. As a result, we see a potential upside to our forecasts, pending a more extensive review.

- In Q3 2023, HVN’s revenue jumped 11.4% YoY to VND23.6tn (USD100mn) but the airlines still recorded a net loss of VND2.3tn (USD97mn) vs a VND2.6tn (USD107mn) net loss in Q3 2022.  

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