Vietnam Airlines’ parent carrier recorded an after-tax loss of VND284 billion (US$11 million) in the third quarter of 2026, reversing an after-tax profit of VND412 billion (US$16 million) in the same period of 2025. The result came as fuel expenses increased by 61.1% year on year, according to the airline’s financial report.
The increase in fuel costs exceeded the improvement in revenue and other income at the parent company. Fuel expenses rose by VND4,360 billion (US$169.4 million) compared with the third quarter of 2025, while revenue and other income increased by VND3,785 billion (US$147 million).
Vietnam Airlines attributed the pressure on its operations in the second and third quarters to sharp fuel price fluctuations linked to geopolitical tensions in the Middle East. The impact was apparent despite a substantial increase in international revenue, which rose by nearly 27% year on year. Revenue from domestic operations, by contrast, fell by 8.4% over the same comparison period.
Group profit falls despite higher revenue
Including its subsidiaries, Vietnam Airlines reported third-quarter net revenue of VND39,078 billion (US$1.52 billion), up 28.7% from the third quarter of 2025. However, the group’s cost of goods sold increased to VND36,212 billion (US$1.40 billion), leaving gross profit at VND2,867 billion (US$111.2 million), a decline of 24.6% year on year.
| Measure | Q3 2026 | Year-on-year change |
|---|---|---|
| Parent-company result | Loss of VND284 billion (US$11 million) | From profit of VND412 billion |
| Consolidated net revenue | VND39,078 billion (US$1.52 billion) | Up 28.7% |
| Consolidated after-tax profit | VND319 billion (US$12.4 million) | Down 56.4% |
| Fuel expenses | Not separately stated for the group | Parent-company increase of 61.1% |
The group’s gross profit margin narrowed to 7.3% from 12.5% a year earlier. Financial revenue more than doubled to VND634 billion (US$24.6 million), while financial expenses fell by 41% to VND526 billion (US$20.4 million). Those movements were not enough to prevent consolidated after-tax profit from falling to VND319 billion (US$12.4 million), compared with VND732 billion (US$28.4 million) in the third quarter of 2025.
Nine-month profit also down
For the first nine months of 2026, Vietnam Airlines’ consolidated revenue reached VND114,480 billion (US$4.44 billion), an increase of 28% year on year. Consolidated after-tax profit nevertheless declined by 41.8% to VND4,172 billion (US$161.8 million), from VND7,174 billion (US$278.2 million) in the first nine months of 2025.
The nine-month revenue total represented 82.4% of the airline’s full-year 2026 revenue target of VND138,899 billion (US$5.39 billion). The figures underline the difference between traffic and revenue growth on one side and earnings performance on the other: higher sales did not offset the rise in operating costs, particularly fuel at the parent carrier.
- International revenue at the parent carrier rose nearly 27% year on year in Q3 2026.
- Domestic revenue declined 8.4% over the same period.
- Consolidated Q3 2026 profit fell 56.4% year on year despite a 28.7% increase in net revenue.
