Vietnam Airline (HOSE: HVN) | 2025 HVN AGM

2025 HVN AGM: PROFIT SURGES TO A RECORD HIGH, PAVING THE WAY FOR A NEW ERA OF GROWTH

2025 Business Plan

o       Revenue: VND 117 tn (+4% YoY)

o       PBT: VND 5.6 tn (+50% YoY)

o       Passenger transport: 25.4 mn pax (+11.6% YoY)

o       Cargo volume: 346,000 tons (+11.5% YoY)

Route network extension:

o       April 2025: Launch of new Ho Chi Minh City – Beijing route.

o       May 2025: Resumption of Hanoi – Moscow route.

o       June 2025: Launch of new Nha Trang – Busan and Ho Chi Minh City – Bali route.

o       July 2025: Launch of new Hanoi – Milan route and resumption of Da Nang – Osaka route.

o       November 2025: Resumption of Hanoi – Taipei route.

o       December 2025: Launch of new Phu Quoc – Taipei and Phu Quoc – Seoul routes

Fleet expansion plan

o       HVN plans to invest VND 92.4 tn in the acquisition of 50 narrow-body aircraft, with an equity/debt structure of 54%/46%. The project’s estimated NPV is VND 5.3 tn, IRR is 9.11%, and the discounted payback period is 12.8 years. Aircraft deliveries are scheduled at 14, 18, and 18 units in 2030, 2031, and 2032, respectively.

Divestment plan of subsidiaries

o       This is a key part of HVN’s approved capital restructuring at subsidiaries (APLACO, Pacific Airlines, TCS, Skypec, etc.). Notably, HVN plans to complete its full divestment from TCS in 2025. The divestment process at Pacific Airlines is ongoing, with continued support measures to ensure stable operations during the transition.

Capital increase plan:

o        Phase 1 – VND 9.0 tn: HVN has submitted its application to the SSC and expects approval by the end of Q2/2025, with the issuance anticipated to be completed in Q3/2025. HVN planned to offer shares to existing shareholders at an issue rate of 40.6%, with an issue price of 10,000 VND/share, raising charter capital from VND 22.1 tn to VND 31.1 tn. The proceeds will be allocated to (i) settle due and overdue payables to suppliers; and (ii) repay short-term and long-term debts, including a portion of refinanced loans.

o       Phase 2 – VND 13.0 tn: HVN will start research, and implementation will expect to execute from 2026.

AGM documents 2025: [here]

AGM resolution 2025: [here]