Vietnam Airlines is a member of SkyTeam, making it the first Southeast Asian carrier to have joined that alliance. The company owns 100% of Vietnam Air Service Company and almost 99% of the low-cost carrier Pacific Airlines. In early 2026, the airline announced requests for proposals for lease of nine Boeing 787-8 aircraft and aims to operate a 150-aircraft fleet in 2030 and more than 200 aircraft by 2035.
Cyborg Score Rationale
Vietnam Airlines maintains solid fundamentals as Vietnam's national carrier with strategic SkyTeam membership and diversified revenue streams from subsidiaries. Recent fleet modernization plans and international expansion show commitment to growth, though competitive pressures and legacy cost structures are typical industry challenges.
Top Insights
As of September 2021, the State holds 86.34% stake with All Nippon Airways holding 5.62% as strategic shareholder
The airline operates 117 routes across 19 countries
Revenue sources include airline catering and aircraft maintenance through subsidiaries like Vietnam Airlines Engineering Company and Vietnam Airlines Caterers
Vietnam Airlines invested in 50 Boeing 737-8 aircraft worth up to $8.1 billion
Named Competitors
Low-Cost Carrier — Regional budget airline competitor in Southeast Asia
Regional Subsidiary — 99% owned low-cost subsidiary of Vietnam Airlines
Regional Service Airline — 100% owned subsidiary operating regional services
Recent Developments
(February 2026) Announced request for proposals for lease of nine Boeing 787-8 aircraft
(January 2026) Plans to spin off VASCO as separate company
(December 2025) Strategic partnership signed with SATS to strengthen aviation services
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