Vietnam Airlines and Vietjet incurred losses of VND10 trillion (US$423.7 million) and VND2.17 trillion last year mainly due to higher fuel prices and forex volatility.
Vietnam Airlines reported consolidated revenues of VND71 trillion, higher than the combined revenues of 2020 and 2021 but only 70% of pre-pandemic levels.
Last year, its losses of VND10 trillion took its accumulated losses to VND34 trillion.
Vietjet reported revenues of VND39.34 trillion, more than triple the 2021 figure.
The average price of jet fuel jumped to $130 per barrel last year from $72 the previous year. At one time in mid-2022 it was selling at over $160.
The increase in bank interest rates and the soaring dollar also contributed to losses.
Vietnam Airlines lost over VND2.25 trillion due to exchange rate differences last year as against only VND173 billion the previous year.
Vietjet incurred exchange rate losses of roughly VND570 billion in the fourth quarter of last year compared with less than VND4 billion in the same period of 2021.
Two other carriers, Bamboo Airways and Vietravel Airlines, have not released their financial reports for 2022, but experts said they are unlikely to have made profits.
Vietnamese carriers transported 11 million foreign passengers in 2022, up 22 times from 2021 but down 70% from 2019, the year before the Covid pandemic began.
They also carried 55 million domestic passengers, up 3.7 times from 2021.
Many aviation-related service providers reported big profits, however.
Southern Airports Services JSC (Sasco) reported pre-tax profits of VND230 billion, up 77 times from 2021.
The profits of Saigon Ground Services (SGN) and Saigon Cargo Service Corporation (SCS) reached VND1 trillion and VND696 billion, respectively.
The Airports Corporation of Vietnam posted pre-tax profits of over VND8.8 trillion as against less than VND1 trillion the previous year.
