- VJC reported Q1 2023 revenue of VND12.9tn (USD546mn; +185% YoY). The company's Q1 2023 NPAT-MI was VND172bn (USD7mn), decreasing 29.5% from VND244bn in Q1 2022. The revenue for Q1 2023 completed 24% of our full-year 2023 projection of VND54.5tn. Meanwhile, Q1 2023 NPAT-MI achieved just 7% of our full-year 2023 forecast of VND2.5tn. As such, we see downside risk to our NPAT-MI forecast, pending fuller review.

- In Q1 2023, VJC stated that it operated 31,300 flights (+57% YoY) and transported 5.4 million passengers (+75% YoY). International passenger transportation contributed nearly 45% of total passenger transportation revenue, accounting for 30% of VJC’s flights in Q1 2023.

- Since the beginning of the year, VJC has opened 10 new routes (six domestic routes and six international routes) while also effectively exploiting existing routes.

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