Vietjet expects a 10-fold increase in revenues as the country returns to routine following the pandemic.

A Vietjet aircraft is seen at Tan Son Nhat International Airport in May 2021. Photo by VnExpress/Quynh Tran

As it aims to rebound from a two-year decline caused by Covid-19, budget airline Vietjet is targeting earnings of VND1 trillion (US$43.14 million) this year, ten times the forecast for 2021.

Revenues are expected to increase 2.5-fold to VND32.72 trillion.

Shareholders expressed anxiety about rising oil prices during the company's annual general meeting on Saturday, but management sounded upbeat.

According to Viet Thang, deputy CEO, when oil prices approach $100 per barrel, operating costs rise by 50%.

CEO Nguyen Thi Phuong Thao stated that the company has flown when oil prices were above $100 and made a profit.

"We're always willing to buy fuel at a low price and stockpile it to save money.”

She also stated that when fuel costs rise, a premium is imposed, which relieves the corporation of the expense.

Vietjet expects to resume 70% of foreign flights and return to its pre-pandemic domestic schedule.

A plan to issue up to 54 million new shares, or 10% of the company's free float, was approved by shareholders.

Vietjet has secured a $35 billion contract for 200 Boeing 737 planes as well as engine maintenance.

Souce : VNexpress