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Môn: Principle of Marketing (MAR211)
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MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY
SUBJECT: PRINCIPLES OF MARKETING MID-TERM REPORT
TOPIC: VIETNAM AIRLINES Instructor : NGUYỄN THỊ THU THẢO Group members : ĐINH LÊ HOÀNG NGỌC ĐÀM QUYẾT CHIẾN TRẦN XUÂN NHI HUỲNH NGUYÊN KHÁNH LINH TIÊU HUỲNH TÂN Class : K61MJ2 Course 61
Ho Chi Minh City, October 2023
MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY
SUBJECT: PRINCIPLES OF MARKETING MID-TERM REPORT
TOPIC: VIETNAM AIRLINES Instructor : NGUYỄN THỊ THU THẢO Group members : ĐINH LÊ HOÀNG NGỌC ĐÀM QUYẾT CHIẾN TRẦN XUÂN NHI HUỲNH NGUYÊN KHÁNH LINH TIÊU HUỲNH TÂN Class : K61MJ2 Course 61
Ho Chi Minh City, October 2023
TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................. I
LIST OF FIGURES, TABLES .................................................................................................... IV
LIST OF ACRONYMS ................................................................................................................. V
ACKNOWLEDGEMENT ............................................................................................................... i
EXECUTIVE SUMMARY............................................................................................................. 1
CHAPTER 1: SITUATION ANALYSIS ...................................................................................... 2
1. Market summary ...................................................................................................................... 2
2. Market growth .......................................................................................................................... 2
2.1. Market share .................................................................................................................... 3
3. Market trend ............................................................................................................................. 4
3.1. Strong recovery in domestic demand ............................................................................... 4
3.2. Growth in low-cost carriers .............................................................................................. 4
3.3. Expansion of international routes .................................................................................... 4
3.4. Focus on sustainable aviation .......................................................................................... 5
4. Demographics .......................................................................................................................... 5
5. Macro environment (PESTEL model) ..................................................................................... 5
5.1. Political ............................................................................................................................ 5
5.2. Economic ......................................................................................................................... 6
5.3. Social ............................................................................................................................... 6
5.4. Technological ................................................................................................................... 6
5.5. Environmental .................................................................................................................. 7
5.6. Legal ................................................................................................................................ 7
6. Competitive environment (5 Forces framework) ..................................................................... 7
6.1. Threat of new entrants ..................................................................................................... 7
6.2. Bargaining power of supplier ........................................................................................... 8 I
6.3. Bargaining power of buyer .............................................................................................. 8
6.4. Threat of substitute products ............................................................................................ 8
6.5. Rivalry among existing competitors ................................................................................ 8
CHAPTER 2: COMPANY INTRODUCTION .......................................................................... 10
1. Overview ................................................................................................................................ 10
1.1. Main business sectors .................................................................................................... 10
2. Mission .................................................................................................................................. 11
3. Vision ..................................................................................................................................... 11
4. Business situation ................................................................................................................... 11
4.1. In 2019 ........................................................................................................................... 12
4.2. In 2020 ........................................................................................................................... 12
4.3. In 2021 ........................................................................................................................... 13
4.4. In 2022 ........................................................................................................................... 13
4.5. In 2023 ........................................................................................................................... 14
CHAPTER 3: MARKETING STRATEGY ............................................................................... 15
1. Target market ......................................................................................................................... 15
1.1. Customer portrait ........................................................................................................... 15
1.2. Paint points .................................................................................................................... 15
2. Critical success factors ........................................................................................................... 17
2.1. Safety and security ......................................................................................................... 17
2.2. Customer satisfaction: .................................................................................................... 17
2.3. Route network and connectivity: ................................................................................... 17
2.4. Employee engagement and training ............................................................................... 17
3. Value chain ............................................................................................................................ 17
3.1. Inbound logistic ............................................................................................................. 17
3.2. Operations ...................................................................................................................... 18
3.3. Outbound logistic ........................................................................................................... 19 II
3.4. Marketing and sales ....................................................................................................... 19
3.5. Service ........................................................................................................................... 20
3.6. Technology development (Support activities) ............................................................... 20
3.7. Core competence ............................................................................................................ 21
3.8. Competitive advantages ................................................................................................. 22
4. Positioning ............................................................................................................................. 24
4.1. Points of parity ............................................................................................................... 24
4.2. Points of differences....................................................................................................... 25
4.3. Value proposition ........................................................................................................... 26
4.4. Perceptual map ............................................................................................................... 26
4.5. Brand mantra ................................................................................................................. 27
5. Marketing mix ........................................................................................................................ 27
5.1. Product ........................................................................................................................... 27
5.2. Price ............................................................................................................................... 29
5.3. Place ............................................................................................................................... 30
5.4. Promotion....................................................................................................................... 30
5.5. People ............................................................................................................................ 30
5.6. Process ........................................................................................................................... 31
5.7. Physical evidence ........................................................................................................... 31
5.8. Compare with Vietjet Air and Bamboo Airways ........................................................... 31
6. Conclusion ............................................................................................................................. 34
REFENRENCE ................................................................................................................................ I III
LIST OF FIGURES, TABLES
Figure 1.1. Aiation market share based on number of flights in Vietnam from 2021 to the first 4
months of 2022 .............................................................................................................................................. 2
Figure 2.1. Logo of Vietnam Airlines ............................................................................................... 9
Figure 2.2. VNA revenue and profit by year (billion VND) ........................................................... 10
Table 3.1. Inbound logistic in the value chain of VNA, VJA, and BBA ........................................ 17
Table 3.2. Operations in the value chain of VNA, VJA, and BBA ................................................. 18
Table 3.3. Outbound logistic in the value chain of VNA, VJA, and BBA ...................................... 18
Table 3.4. Marketing and sales in the value chain of VNA, VJA, and BBA .................................. 19
Table 3.5. Service in the value chain of VNA, VJA, and BBA ...................................................... 19
Table 3.6. Technology development area in the value chain of VNA, VJA, and BBA .................. 19
Table 3.7. Vietnam Airlines' value proposition in terms of price and benefit ................................. 25
Table 3.8. Perceptual map of three airlines (Vietnam Airlines, VietJet Air and Bamboo Airways)
..................................................................................................................................................................... 26
Table 3.9. Compared 7Ps between 3 brand (VNA, VJA, BBA) ..................................................... 33 IV
LIST OF ACRONYMS No. Abbreviations Full writing 1 VNA Vietnam Airlines 2 VJA VietJet Air 3 BBO Bamboo Airways 4 IT Information technology 5 ACV
Airports Corporation of Vietnam 6 RPK/FT index
Revenue Passenger Kilometers per Flight Time index 7 GDP Gross Domestic Product V ACKNOWLEDGEMENT
Primarily, we wish to convey our utmost appreciation to all individuals who have played a vital
role in the creation of this report. Your incredible support and contributions have been essential to the
successful completion of this report.
We are particularly grateful for the unwavering guidance and mentorship provided by Ms. Thu
Thao throughout the duration of this course. Her invaluable support and constructive feedback have
served as a catalyst in motivating us to delve deeper into our research. We express our deepest gratitude
for her expertise and keen insight, which have allowed us to approach this work from a broader
perspective, infused with critical analysis.
Furthermore, we would like to acknowledge and express our thanks to the authors of the research
materials referenced within this report. Your commendable work has bestowed upon us an abundance of
knowledge and inspiration. We are truly appreciative of the opportunity to build upon the foundation
established by your insights, thereby contributing novel findings within our field of study.
Finally, we would also like to acknowledge the support and assistance of colleagues who research
intensively to provide the valuable information for this report.
Once again, we offer our heartfelt thanks to everyone who has supported and contributed to this
report. We trust that this report will serve as an invaluable source of information for future research. i
EXECUTIVE SUMMARY
The aviation sector is an integral part of Vietnam's transportation industry and is among the
fastest-growing ones in the world.Currently, the sector is divided into several segments, including full-
service carriers, low-cost carriers, hybrid carriers, and cargo carriers, each served by specific airlines.
This report aims to provide an in-depth analysis of the first three categories.
According to the Civil Aviation Administration of Vietnam, the domestic aviation market
comprises three major airlines: Vietnam Airlines, VietJet Air, and Bamboo Airways. Amid profound
economic and social changes, these airlines have undergone significant developments in recent years,
experiencing considerable impacts. To offer an overview of these airlines, this report will provide
comprehensive insights, with a primary focus on Vietnam Airlines.
In line with the aforementioned objective, this report will present diverse information categorized into four parts: - Part 1: Situation analysis - Part 2: Company introduction - Part 3: Marketing strategy - Part 4: Conclusion
In part 1, the report will provide a general overview of the aviation industry. Subsequently, part 2
will introduce the selected airlines for investigation by offering concise information about each. part 3
will delve into Vietnam Airlines, comparing it with the other two companies. Finally, the report will
conclude with assessments of Vietnam Airlines' business model and suggestions to address the challenges it faces.
Secondary research will serve as the primary method for collecting information for this report.
Various sources, including academic literature, industry reports, market research, and other available
resources, will be consulted to ensure comprehensive and reliable data 1
CHAPTER 1: SITUATION ANALYSIS
1. Market summary
The number of tourists visiting Vietnam has increased significantly. According to data from the
Airports Corporation of Vietnam (ACV), the number of passengers reached 56,891,590, accounting for
48.2% of the 2023 plan, a 29.2% increase compared to the same period in 2022. Among them,
international passengers reached 14,492,730, accounting for 45.3% of the annual plan, a 493.5% increase
compared to the same period in 2022. Meanwhile, domestic passengers reached 42,398,861, accounting
for 49.3% of the annual plan, a 2% increase compared to the same period in 2022.
The cargo market has been growing at an average rate of about 5-6% per year, with some years
reaching 9-10%. The value of goods transported accounts for 25% of Vietnam's total export value, with
an average volume of about 1.4 million tons per year. However, the market share of domestic airlines in
the air transport sector is only 12%, with the majority held by foreign airlines.
Airline companies are facing the issue of high fuel prices due to global economic and political
factors. Conflicts, wars, and separatism in Ukraine, Russia, and the Middle East have caused a significant
increase in global oil prices, leading to higher operating costs and difficulties for businesses in cost
reduction, resulting in higher passenger and cargo transportation fares.
The Vietnamese government plans to build more new civil airports in various regions across the
country. In addition to the existing 22 airports with a capacity of serving 100 million passengers per year,
it is projected that in the next 10 years, the number of passengers will reach 300 million. Therefore, the
Ministry of Transport has proposed the construction of 6 new airports by 2030 and an additional 3 by 2050.
2. Market growth
Vietnam now leads the world's fastest recovering domestic aviation sector and is the world's fifth
fastest growing aviation market, with 150 million air transport passengers expected by 2035, according to
the International Air Transport Association (IATA). According to the Civil Aviation Administration of
Vietnam (CAAV), the agency under the Ministry of Transport (MOT) that regulates the aviation industry,
Vietnam's airports served 40.7 million passengers and 765,000 tons of cargo during the first six months of
2022, up 56.8 percent and 30.6 percent, respectively, over the same period last year. According to the
CAAV, airports in the United States will service roughly 87.8 million people and 1.5 million tons of
cargo in 2022, representing increases of 190 percent and 5%, respectively, over 2021. 2
2.1. Market share
Figure 1.1. Aiation market share based on number of flights in Vietnam from 2021 to the first 4 months
of 2022
Travel restrictions and border closures had a significant impact on Vietnam's tourist and aviation
industries during the first two years of the pandemic. Nonetheless, Vietnam continues to have one of the
largest airline travel markets, with over 31 million passengers boarding domestically registered airlines in
2020. Since the country reopened its borders to international tourism on March 15, the Vietnamese
aviation industry has also begun to show indications of recovery. The number of airline passengers in
Vietnam topped that of the entire 2021 year in the first four months of 2022, indicating a stronger future.
Vietnam Airlines
Vietnam Airlines had a stunning turnaround in the first quarter of 2023, earning a pre-tax profit of
over 19 billion dong, up from a loss of over 2,600 billion VND in the same period last year. This was
driven by a more than doubling of revenue from air transportation, to 23,640 billion VND. Total revenue
and other income increased by roughly 114%, to 33,240 billion VND, with revenue from aviation
industry services increasing by more than 9,500 billion VND. Vietnam Airlines' overall cost in the first
quarter of 2023 was around 7,300 billion VND, a 67% increase over the same period the previous year.
With such strong revenue and low costs, Vietnam Airlines' gross profit has exceeded 1,500 billion VND,
while its after-tax loss has fallen by 2,300 billion VND over the same period. 3
Vietjet Air
VietjetAir made a large profit in the first quarter of 2023, despite having a lower revenue than
Vietnam Airlines. The airline safely completed 31,300 flights and transported 5.4 million passengers, up
57% and 75%, respectively, from the same period last year. VietjetAir achieved a revenue of 12,880
billion VND in air transport activities in the first four months of 2023, and its after-tax profit reached 168
billion VND during the same period. Both figures have more than tripled from the same time last year.
Vietjet's consolidated business results show a revenue of 12,898 billion VND, up 185% from the same
period in 2022. Profit after tax was 173 billion VND in the first quarter of 2023.
Bamboo Airways
According to the carrier's audited financial report for 2022, net revenue climbed by 3.3 times,
from 3.557 trillion VND in 2021 to12.018 trillion VND in 2022. However, the company suffered a gross
loss of 3.209 trillion VND. The cost of corporate governance increased from 158 billion VND in 2021 to
12.75 trillion VND in 2022, resulting in a 17.619 trillion VND loss last year. This was a record-breaking
loss, well exceeding Vietnam Airlines' loss of VND 2.625 trillion and Vietjet Air's loss of 1.993 trillion
VND. Bamboo Airways' shareholder equity had fallen to minus 835 billion VND by the end of 2022. 3. Market trend
3.1. Strong recovery in domestic demand
In the first half of 2022, domestic passenger traffic increased by 56.1% over the same period in
2021, reaching 51.5 million passengers. This was driven by pent-up demand for travel after the pandemic,
the government's promotion of domestic tourism, and the increasing affordability of air travel.
3.2. Growth in low-cost carriers
Low-cost carriers, such as Vietjet Air and Bamboo Airways, have played a major role in the
growth of the Vietnamese aviation industry. In 2021, low-cost carriers accounted for 52.5% of domestic
passenger market share. This is expected to increase to 60% by 2025.
3.3. Expansion of international routes
Vietnamese airlines are expanding their international networks to meet the growing demand for
international travel. In 2021, Vietnamese airlines launched new routes to destinations in North America,
Europe, and Australia. The number of international routes operated by Vietnamese airlines increased by 12% in 2021. 4
3.4. Focus on sustainable aviation
Vietnamese airlines are increasingly focusing on sustainable aviation practices. This includes
investing in fuel-efficient aircraft, exploring alternative fuels, and implementing green initiatives
throughout the entire aviation ecosystem. For example, Vietnam Airlines has committed to reducing its
carbon emissions by 10% by 2030. 4. Demographics
Vietnam, with a population of approximately 99.5 million, ranks as the 15th most populous nation
worldwide and the third most populous country in Southeast Asia.
In 2021, it is estimated that there will be around 67 million individuals in Vietnam's workforce,
constituting about 67% of the total population.
Over the period from 2000 to 2019, Vietnam experienced a consistent national population growth
rate of about 1% for many years. However, in recent times, factors such as the pandemic and the ongoing
implementation of a two-child policy to restrict births have resulted in a decline of the population growth
rate, falling below 1%. As of 2021, it stands at 0.8%, equivalent to the average level seen in middle- income countries.
As fertility rates continue to decline while life expectancy rises, Vietnam is projected to have an
older population representing 10% to just under 20% of its total population by 2035. The average life
expectancy of Vietnamese citizens stands at approximately 75 years, which is notably high for a middle-
income nation. Consequently, Vietnam confronts the challenge of an aging society, with the prospect of
becoming old before reaching economic prosperity.
Vietnam's per capita GDP currently stands at 40% of the global average, indicating a certain gap
between its current economic status and that of middle-to-high income levels. Moreover, the accelerated
pace of population aging means that Vietnam will have less time to adapt to the demands of an aging
society compared to many advanced economies. A report from the World Bank predicts that Vietnam's
old-age dependency ratio, representing the proportion of the population over 65 to the working-age
population, will rise from 13% in 2021 to 22% in 2039, approaching the 26% observed in high-income
countries like the United States.
5. Macro environment (PESTEL model) 5.1. Political
Government regulation
The Vietnamese government regulates the airline industry closely. This regulation can be
burdensome and costly for airlines. 5
Geopolitical instability
Vietnam is located in a relatively volatile geopolitical region. This instability can pose risks to the
airline industry, such as airspace closures and travel disruptions. 5.2. Economic
Economic growth
Vietnam's economy is expected to grow at an annual rate of 6.8% in 2023, according to the World
Bank. This strong economic growth will drive demand for air travel, both domestic and international.
Government investment
The Vietnamese government is investing heavily in the aviation sector (the Vietnamese
government's investment in the aviation sector is estimated to be around US$16 billion for the period
2021-2030. This investment is being used to develop new airports, upgrade existing airports, and
purchase new aircraft for Vietnam Airlines and other domestic airlines). This investment is expected to
help the industry grow and meet the increasing demand for air travel. 5.3. Social
Population growth
Vietnam's population is expected to grow from 98.2 million in 2023 to 101.3 million in 2027,
according to the United Nations. This population growth will also contribute to increased demand for air travel.
Rising middle class
Vietnam's middle class is growing rapidly. In 2023, it is estimated that 48% of Vietnam's
population will be considered middle class, according to the Asian Development Bank. This rising middle
class is expected to drive demand for leisure travel, including air travel.
5.4. Technological
New aircraft technologies
New aircraft technologies, such as more fuel-efficient engines and lighter materials, are helping to
reduce the operating costs of airlines.
Digital technologies
Digital technologies, such as online booking and mobile boarding passes, are making it easier and
more convenient for passengers to travel by air. 6
Big data analytics
Airlines are using big data analytics to better understand their customers' needs and preferences.
This information is then being used to improve the customer experience and develop new products and services.
5.5. Environmental
Rising fuel costs
The rising cost of fuel is a major challenge for airlines. Fuel costs account for a significant portion
of an airline's operating costs. According to forecasts of the International Energy Agency (IEA), crude oil
prices for the aviation industry will average 101 USD/barrel in 2023, an increase of 22% compared to 2022.
Carbon emissions
Airlines are under increasing pressure to reduce their carbon emissions. This is due to the growing concern about climate change. 5.6. Legal
Aviation safety regulations
The Vietnamese government has recently implemented new aviation safety regulations. These
regulations are designed to improve the safety of air travel in Vietnam. However, some airlines have
complained that these new regulations are too burdensome and costly.
Consumer protection laws
Consumer protection laws are becoming increasingly important in the airline industry. These laws
are designed to protect the rights of passengers. For example, some countries have laws that require
airlines to compensate passengers for delayed or canceled flights.
6. Competitive environment (5 Forces framework)
6.1. Threat of new entrants
The Vietnamese airline industry needs substantial capital investment to enter, as well as
specialized knowledge and expertise upon its players, which is an obstacle. Furthermore, the airline
industry capitalizes on efficiencies and synergies from economies of scale, so entry barriers are high. For
example, the Vietnamese government requires new airlines to have a minimum capital of 3 trillion VND
(130 USD million). We discover that airlines face substantial entry and exit barriers, indicating that the
effect of this element is very large. 7
6.2. Bargaining power of supplier
Factors affecting the power of suppliers in the airline industry would be fuel and aircraft, which
are all affected by the external environment. Firstly, the price of aviation fuel is influenced by changes in
the global oil market, which can fluctuate wildly due to geopolitical and other factors.Secondly, the
airline industry needs aircraft either outright or on a temporary lease basis, which means that airlines must
rely on the two powerhouses, Airbus and Boeing, for their aircraft requirements. Hence, the supplier's
strength in terms of the three inputs needed for them is classified as strong.
6.3. Bargaining power of buyer
With Vietnam regarded as one of the world's fastest expanding aviation markets, the number of
potential customers has increased dramatically, with an estimated 150 million passengers by 2035 (Pham
2020) In 2022, Vietnamese customers spent an average of $100 per round-trip domestic flight. This is
relatively low compared to other countries in Southeast Asia, such as Thailand and Singapore. Since the
expense and commitment needed to switch from one carrier to another is negligible, these consumers
possess tremendous negotiating power over airlines.Furthermore, the advent of third-party trip-booking
websites and mobile applications exacerbates the airlines' challenge. Travelers will use websites or
applications to compare fares for all airlines, register their trip itineraries, and then pick the cheapest price that suits their schedules.
6.4. Threat of substitute products
Developing countries such as Vietnam can choose to travel by train, bus or car and they often
prefer these approaches due to the minimal expenses, which raises the threat of substitutes. For example,
the train ride from Hanoi to Ho Chi Minh City takes about 30 hours, while the flight takes about 2 hours.
However, when it comes to time, convenience, and occasionally service, airlines outperform all other
means of transportation. Hence, until new inventions replace air transport as the cheapest and most
affordable way to travel long distances, the airline industry faces low to medium threat from substitutes.
6.5. Rivalry among existing competitors
For a variety of reasons, rivalry among major domestic airlines is fierce.The current industry
seems to be in a state of maturity. In the long term, the number of players remains constant, and it does
not seem to be under or overcapitalized. In this sector, operating costs are incredibly high. This makes
leaving the industry difficult since they are most often in long-term debt negotiations in order to remain in
operation. The processes involved are extremely complex, which adds to the rivalry.The competition
between existing players and the power of suppliers are the most important factors in this industry.
Established firms are fiercely competitive and can drive out any firm that lacks sufficient resources. 8
Since planes are too expensive to manufacture, suppliers are powerful powers. Even a minor
improvement in credit terms by the vendors may result in a major loss for the company. The other powers
involved, on the other hand, seem to pose a minor threat. Entering the market is expensive and time
intensive, which limits the probability of entry. Buyers have a weak force because switching costs are
low, and replacements have a weak force because they are typically too expensive.In addition, some
airplane makers have been producing eco-friendly planes (Bamboo Airways 2019), resulting in a shift in
supplier bargaining power. This will distinguish the materials, posing a challenge to suppliers. 9
CHAPTER 2: COMPANY INTRODUCTION 1. Overview
Figure 2.2. Logo of Vietnam Airlines
Vietnam National Airlines - Vietnam Airlines began operations in January 1956. This time also
marked the birth of the civil aviation industry in Vietnam. The first domestic flight was operated by the company in September 1956. -
In April 1993, Vietnam Airlines was officially formed in the market as a state-owned enterprise
specializing in air transport business. -
June 10, 2010, Officially became the 10th member of the Skyteam airline alliance.
(The Skyteam airline alliance is the world's second-largest global airline alliance. SkyTeam
provides passengers with consistent service from member airlines with a wider choice of destinations and
flight frequencies. globally. To date, this alliance has a total of 19 members.) -
In 2015, Vietnam Airlines became a joint-stock company, and its relationship with shareholders
has been crucial to its sustainable development. The airline is committed to transparency,
communication, and balancing shareholders' interests with Vietnam's economic development. -
July 2016, Officially recognized as a 4-star international airline according to Skytrax standards. -
Vietnam Airlines has become the leading airline in Vietnam after two decades of growth at a high
annual rate. The airline is recognized as a symbol of national pride and has a global network.
Vietnam Airlines is a dynamic and modern airline that proudly embodies the cultural spirit of
Vietnam. For more than twenty years, it has been a leader in the thriving aviation industry of Vietnam,
which is experiencing remarkable growth. With its strong reputation as a contemporary airline deeply
connected to its cultural roots, Vietnam Airlines aims to establish itself as a top-tier 5-star airline in Asia.
1.1. Main business sectors
The aviation industry encompasses various activities, including air passenger transport, air cargo
transport, and direct support services for air transportation. These services involve general aviation
activities such as aerial photography, geological surveys, calibration of air navigation stations, and
maintenance of power lines. They also include services for oil and gas, afforestation, environmental
testing, search and rescue, medical emergencies, and tasks related to politics, economy, society, security, 10
and defense. Additionally, specialized aviation services are provided, along with commercial, tourism,
hotel services, and duty-free sales at quarantine areas in international border gates, airports, and
provinces. Ground commercial technical services, passenger terminal services, cargo terminal services,
and apron services at airports and airfields are also part of the industry. Moreover, the industry involves
the repair and maintenance of aircraft, engines, spare parts, aviation equipment, and commercial ground
service equipment. The production of measuring, testing, navigation, and control equipment, as well as
the provision of technical services and spare parts for domestic and foreign airlines, are also included. 2. Mission
The mission of Vietnam Airlines is to be a leading airline that connects Vietnam to the world,
with a commitment to delivering excellent and safe air travel experiences for passengers. Their mission
extends beyond transportation, as they strive to uphold the Vietnamese cultural essence and promote the
country's image globally. Vietnam Airlines aims to achieve consistent growth, provide exceptional
customer service, maintain operational excellence, and contribute to the development of the aviation
industry in Vietnam. Additionally, they prioritize sustainability and social responsibility in their
operations, seeking to minimize their environmental impact and actively engage in community initiatives. 3. Vision
Vietnam Airlines endeavors to maintain its dominant position as the foremost aviation group in
Vietnam. It aspires to emerge as a premier choice for customers in the Asian region, aiming to be
recognized as a leading airline in terms of customer preference. Additionally, Vietnam Airlines aims to
continue serving as the primary transportation provider for Vietnam, upholding its role as the national flag carrier. 11
4. Business situation
Figure 2.3. VNA revenue and profit by year (billion VND)
4.1. In 2019
Vietnam Airlines Corporation has recently released its consolidated financial report for the fourth
quarter and the full year of 2019. In the fourth quarter, the airline recorded a revenue of 23,000 billion
VND, showing a decrease of approximately 800% compared to the same period. The revenue per
kilometer also declined by more than 1,000%, dropping from 2,490 billion VND to 1,402 billion VND.
While the financial revenue decreased by 335 billion VND, the financial costs also decreased
significantly by over 1,000% compared to the fourth quarter of 2019. Excluding sales and management
costs, Vietnam Airlines faced a loss of -134 billion VND from its business activities. However, the airline
managed to maintain a pre-tax profit of 78 billion VND for the last quarter, largely due to an additional
profit of 202 billion VND from Sales and leaseback activities.
Looking at the overall performance in 2019, Vietnam Airlines experienced a slight increase in
revenue from nearly 96,800 billion VND to almost 98,200 billion VND. The pre-tax profit also saw a
marginal growth of 2%, rising from 3,312 billion VND to 3,370 billion VND. These figures represent the
highest recorded revenue and profits in the history of the company.
4.2. In 2020
Considering the cumulative results for the entire year 2020, Vietnam Airlines generated a net
revenue of nearly 40,613 billion VND, marking a 59% decline compared to 2019. The airline experienced
a significant negative profit after tax, reaching nearly 11,098 billion VND, whereas it had achieved a
profit of 2,537 billion VND in the same period of the previous year. 12
It is worth noting that this loss is considerably lower than the projected estimate announced by
Vietnam Airlines' board of directors during the extraordinary general meeting of shareholders on
December 29, 2020, which was expected to reach 14,445 billion VND.
By the end of December 31, 2020, Vietnam Airlines' total assets amounted to 62,967 billion
VND, reflecting a decline of 17.6% compared to the beginning of the year. The airline's cash and cash
equivalents decreased by nearly half, amounting to 1,647 billion VND. Short-term financial investments
also witnessed a sharp decline from 3,579 billion VND to 494 billion VND. In contrast, short-term
financial debt increased by 72% to 11,187 billion VND. Additionally, the equity of Vietnam Airlines
decreased from 18,507.55 billion VND to nearly 6,141 billion VND.
According to statistics released by Vietnam Airlines, the year 2020 saw a notable decrease in
operational metrics due to the impact of the COVID-19 pandemic. The airline operated approximately
96,500 flights, reflecting a decline of over 48% compared to the previous year. The passenger output was
estimated at 14.23 million, a 51% decrease, and the cargo transportation reached nearly 195,000 tons,
down by 47% compared to the figures recorded in 2019.
4.3. In 2021
As of June, Vietnam Airlines' total assets amounted to 61,255 billion VND, which was a decrease
of more than 1,300 billion VND compared to the same period last year. On the other hand, liabilities
increased by 14%, reaching 64,005.6 billion VND, resulting in negative capital of 2,750 billion VND for
the owners. Financial debt also experienced a slight increase, totaling 34,462 billion VND.
The company's inventories in warehouses saw a significant increase from 1,849 billion VND to
2,580 billion VND, primarily consisting of goods and raw materials. Although the static cash flow from
business activities remained negative at 723.9 billion VND, it showed notable improvement compared to
the same period in the previous year.
In the third quarter of 2021, Vietnam Airlines' static revenue reached over 4,735 billion VND,
representing a 60% decrease compared to the same period last year, resulting in a loss of more than 3,000
billion VND. After deducting all expenses, the company's pre-tax income was 3,460 billion VND, with a
net loss of 3,369 billion VND attributed to the parent company's shareholders.
Vietnam Airlines explained that the parent company's after-tax profit experienced a loss of nearly
2,773 billion VND, which marked a 12.4% increase compared to the same period the previous year (-
2,466 billion VND). The consolidated after-tax loss of 3,531 billion VND, an increase of 17.1%
compared to the previous year (-3,017 billion VND), was primarily attributed to the impact of the fourth
wave of the Covid-19 epidemic, which occurred during the summer peak period and significantly affected
the company's business performance. 13
4.4. In 2022
Vietnam Airlines has released its consolidated financial report for Q4 2022, revealing that its sales
and service revenue almost doubled compared to the same period in 2021, reaching 19,573 billion VND.
However, due to the higher cost of goods sold, the airline reported a gross loss of 827 billion VND, up
from 634 billion VND in the previous year.
The increase in financial expenses was mainly due to higher loan interest and an exchange rate
loss of 538 billion VND. The airline's affiliated companies also suffered losses, contributing to an after-
tax loss of 2,585 billion VND for Vietnam Airlines in Q4 2022.
For the whole year of 2022, the airline reported a net loss of 10,400 billion VND, despite a 2.5
times increase in revenue. This marks the third consecutive year of losses for Vietnam Airlines, with an
accumulated loss of 34,199 billion VND, negative equity of 10,199 billion VND, and huge liquidity
pressures with only 3,400 billion VND in cash.
4.5. In 2023
In the first half of 2023, Vietnam Airlines reported a significant increase in revenue, reaching
44,336.3 billion VND, a 47% increase compared to the same period last year. The gross profit on sales
and service provision also improved, reaching 2,888 billion VND, compared to 1,963 billion VND in the
first half of 2022. After deducting sales and management costs, the net profit from business activities for
Vietnam Airlines in the first half of 2023 was -1,070 billion VND, an improvement from -5,204 billion
VND in the same period last year.
Overall, the airline achieved a profit after corporate income tax of -1,331 billion VND in the first
half of 2023, compared to -5,237 billion VND in the same period last year.
The decrease in losses can be attributed to increased revenue and other income, particularly from
the recovery of European, Australian, and American markets. Although expenses also increased, the
growth rate of revenue outpaced the growth rate of costs, resulting in a gross profit on service provision
for the parent company and a decrease in after-tax losses compared to the same period last year. 14
CHAPTER 3: MARKETING STRATEGY
1. Target market
1.1. Customer portrait Demographic
The target customer segment of Vietnam Airlines comprises individuals aged 25-60,
encompassing both males and females. This segment consists of individuals who are single, married, or
married with children. Notably, they possess a high income level, with a minimum threshold of 835 USD
or more. Occupation-wise, they primarily hold positions as officials, managers, and professionals in high-
paying roles. Furthermore, this segment boasts a higher educational attainment, with most individuals
being graduates or possessing higher degrees. From a religious standpoint, customers in this segment
exhibit a range of beliefs, including irreligion, Buddhism, and Catholicism. It is also worth noting that the
majority of customers within this segment belong to the Kinh ethnic group. Geographically, they can be
found primarily in urban areas, such as Ha Noi, as well as in foreign countries. Psychographic
Customers within this segment demonstrate a keen preference for quality and prioritize safety and
comfort when selecting airlines. Their personalities reflect a practical and fact-minded approach while
engaged in their professional endeavors. However, they exhibit dedicated and warm qualities when
enjoying leisure time with loved ones. In terms of hobbies and activities, they engage in frequent
traveling and undertake business trips. Behavioral
The online platform serves as the preferred channel for this customer segment, encompassing
websites, apps, and social media. They display a purchase frequency of 1-2 times per month for business
trips; whereas for tourist purposes, the frequency exceeds 2 times per year. Moreover, this customer
segment exhibits a high level of engagement with promotional activities, actively participating through
actions such as liking, sharing, and commenting.
1.2. Paint points
Pain points refer to particular issues or challenges encountered by prospective customers. In the
aviation sector, customers confront numerous concerns when considering airlines as their preferred mode
of travel. This report identifies only five key pain points affecting customers in the aviation industry,
acknowledging that the dynamic nature of the market may lead to the elimination of certain factors. 15
Flight delays and cancellations
The majority of Vietnamese passengers encounter issues such as flight delays and cancellations
when utilizing various airlines, particularly with low-cost carriers like VietJet Air. With increasing market
demand and improved living standards, many customers seek out airlines with higher fares to ensure a
better travel experience. However, even major airlines like Vietnam Airlines still face a significant rate of
flight delays. Consequently, airlines are striving to enhance personnel and aircraft operations procedures
to achieve optimal efficiency and address this situation. Among these carriers, Bamboo Airways has
emerged as an airline with the highest on-time performance in the industry, presenting fierce competition to other remaining airlines.
Digital adoption and accessibility
According to technical data from Google, as of the beginning of 2023, Vietnam has 77.93 million
internet users, accounting for 79.1% of the total population. Furthermore, the number of social media
users also reached 70 million, equivalent to 71% of the total population. Based on the aforementioned
statistics, it can be observed that Vietnam has a comparatively high level of internet accessibility.
However, due to the rapid development of the internet and the emergence of numerous artificial
intelligence technologies, a significant portion of older internet users with limited knowledge of
cybersecurity face increasing challenges in accessing the digital transformation trends of airlines.
Therefore, for a successful digital transformation, airlines also need to take appropriate steps to provide
users with synchronized and user-friendly approaches while maintaining effectiveness.
Customer service experience
The airline services in Vietnam lack synchronization and exhibit significant differences between
low-cost carriers and full-service carriers. Low-cost carriers are characterized by low service quality, with
issues such as flight delays and cancellations being prevalent. Therefore, when opting for low-cost
airlines, users have to endure subpar service quality.
Limited airline options (Route network)
Vietnam Airlines is the airline with the largest number of domestic and international routes.
However, this also poses challenges for customers as it is a high-priced airline. Therefore, the emergence
of low-cost carriers such as VietJet Air and Bamboo Airways partially addresses the transportation needs
of customers with lower budgets. However, achieving the extensive network and connectivity of routes
like Vietnam Airlines requires a considerable amount of time, and the lack of diversity in airline choices will continue to persist. 16
Cost of air travel
According to the General Statistics Office, the average monthly income of workers is 7.0 million
Vietnamese dong (290 USD), representing a 6.8% increase compared to the same period last year.
Despite the improved income of the population, the impact of inflation and unemployment still poses a
significant barrier for the majority of Vietnamese citizens to allocate a considerable amount of funds for
air travel. In the near future, any airline with the capability to maximize operational efficiency and reduce
costs will possess a significant competitive advantage in the market. Currently, some low-cost carriers
such as VietJet Air and Bamboo Airways are offering competitive prices.
2. Critical success factors
There are four factors affecting the success of airlines, including safety and security, customer
satisfaction, route network and connectivity, and employee engagement and training.
2.1. Safety and security
Regular maintenance of aircraft, effective security measures
2.2. Customer satisfaction:
Punctuality, facilities, service (catering, in-flight entertainment), ground service (baggage
handling, passenger check-in), effective cost management to provide customer with a competitive price,
application of AI and technology in operation (AI, self-service options)
2.3. Route network and connectivity:
Having extensive and well-connected route network to offer customers with wider range of options
2.4. Employee engagement and training:
Vietnam's airline industry is experiencing rapid growth and fierce competition, which places a
premium on providing high-quality service to gain a competitive edge and increase customer satisfaction.
Engaged employees who are properly trained and equipped to provide excellent service will be more
effective in meeting these expectations, generating positive customer experiences, and promoting loyalty towards the airline. 3. Value chain
3.1. Inbound logistic
Vietnam Airlines VietJet Air Bamboo Airways 17 - Airbus and Boeing - Airbus and Boeing - Airbus and Boeing - 105 Airbus aircraft (2.3- - 76 Airbus aircraft (From - 21 Airbus aircraft Airline 12.2 years) 2.7 years) - 3 Boeing aircraft fleet - 50 Boeing 737 Max - 5 Embraer aircraft aircraft (US$ 10 billion) - Vietnam Air Petrol - Petrolimex Aviation Fuel - Petrolimex Aviation Fuel Company Limited JSC JSC (SKYPEC) - One of the two biggest - One of the two biggest - Biggest aviation fuel aviation fuel suppliers in aviation fuel suppliers in Aviation suppliers in Vietnam Vietnam Vietnam fuel - Eight fuel depots - Four fuel depots - Four fuel depots - Complete infrastructure
and fuel storage facilities at all 18 civil airports nationwide
Table 3.1. Inbound logistic in the value chain of VNA, VJA, and BBA 3.2. Operations
Vietnam Airlines VietJet Air Bamboo Airways - Vietnam Airlines - ST Engineering - Air France Industries KLM Engineering Company (Singapore) Engineering & (VAECO) - LaoAirlines (Laos) Maintenance - 6 hangars at Tan Son Nhat airport and Noi Bai Aerospace airport engineering - 20 aircraft parking positions - Repair workshops and warehouse facilities for equipment and systems Food - VACS (Vietnam Airlines - Fee-based service - Fee-based/free service 18 Caterers Limited - Less diverse menu - Less diverse menu Company) - Noi Bai Catering Joint catering Stock Company (NCS) - VACS has 400 chefs - Fee-based/ free service - Diverse menu - More options (Press - Less options (Film, - Less options (Bamboo Inflight reader, film, music, game, music) Sky) entertainmen wireless IFE) - Being updated regularly t - Top Asia airline for in- flight magazine
Table 3.2. Operations in the value chain of VNA, VJA, and BBA
3.3. Outbound logistic
Vietnam Airlines VietJet Air Bamboo Airways
- Vietnam Airport Ground Services - Check-out service - Check-out service Company Limited (VIAGS) - Arrival and connecting
- Arrival and connecting service - Check-out service service - Baggage service
- Arrival and connecting service - Baggage service - Air ticket service - Baggage service - Air ticket service - Air ticket service
Table 3.3. Outbound logistic in the value chain of VNA, VJA, and BBA
3.4. Marketing and sales
Vietnam Airlines VietJet Air Bamboo Airways Website vietnamairlines.com vietjetair.com bambooairways.com Facebook (Followers) Vietnam Airlines (2.1M) Vietjet (5.5M) Bamboo Airways (410K) TikTok (Follower) Vietnam Airlines (140K) Vietjet (892K) Bamboo Airways (410K) 19 Application Vietnam Airlines (+1M) VietJet Air (+1M) Bamboo Airways (+100K) Others
Air ticket agent and retail unit
Table 3.4. Marketing and sales in the value chain of VNA, VJA, and BBA 3.5. Service
Vietnam Airlines VietJet Air Bamboo Airways
- Top Asia airline for economy class seats - Check-in and check-out - Check-in and check-out
- Top Asia airline for cabin crew - Arrival and connecting - Arrival and connecting
- Pioneer in telephone check-in - Baggage - Baggage - Check-in and check-out - Air ticket - Air ticket - Arrival and connecting - Baggage - Air ticket
Table 3.5. Service in the value chain of VNA, VJA, and BBA
3.6. Technology development (Support activities)
Vietnam Airlines VietJet Air Bamboo Airways - Technology Research Center - Aviation Technology Center
- Passenger Service System – - New CLM Air Traffic - Flight data analysis system PSS Management system - Safety Management System - Flight data analysis system - Human resource management (SMS) - Safety Management System software (HRMS) - Aviation operations and (SMS) - Business process automation management applications - Aviation operations and software (BPM) (AMOS, AIMS, AirFase, management applications - Shared database (Data SFCO2, Intellysis) (AMOS, AIMS, AirFase, Warehouse) SFCO2, Intellysis)
- Utilizing Airbus' (Skywise) Big Data platform
Table 3.6. Technology development area in the value chain of VNA, VJA, and BBA 20
3.7. Core competence
Core competence is a set of power tools that serves as key to successfully survive in any market.
In a magazine published by C.K. Prahalad and Gary Hamel on Harvard Business Review in 1990, they
concluded that company only obtain core competence as it meet the following conditions: -
The activity must provide superior value or benefits to the consumer. -
It should be difficult for a competitor to replicate or imitate it. - It should be rare.
Based on the aforementioned criteria, the three companies possess distinct core competencies that
enable them to effectively compete with one another.Vietnam Airlines, known as a flag carrier, is a well-
established company with the widest range of advantages, including
A biggest fleet of aircraft
On average, Vietnam Airlines boasts the largest fleet of aircraft, consistently maintaining a fleet
size of over 100 planes. This figure surpasses VietJet Air's fleet by 10 to 20 aircraft. The significant
magnitude of Vietnam Airlines' fleet grants it a crucial competitive edge, as it can accommodate a greater
number of passengers simultaneously. In the domestic market, Vietnam Airlines stands alone in operating
such a sizable fleet. From an economic perspective, replicating this advantage poses a formidable
challenge for VietJet Air and Bamboo Airways, as it necessitates substantial capital resources and
strategic partnerships, which are typically prioritized by national brands.
Fuel and engineering supply
Vietnam Airlines excels in fuel and engineering supply. Upon examining the value chain of
Vietnam Airlines, it becomes evident that the company possesses a network of subsidiaries that provide
vital fuel and related services. These subsidiaries, such as VACS and NCS, serve as purveyors of the
highest-quality services in the domestic market. Consequently, Vietnam Airlines can offer superior
quality to its customers without being encumbered by third-party concerns, courtesy of its trusted and controlled supply chain. Infrastructure
As fuel and engineering supply, Vietnam Airlines currently boasts the most comprehensive and
advanced infrastructure across all domestic airports. This achievement is the culmination of over 60 years
of establishment and progressive development. Presently, this extensive infrastructure facilitates the
seamless operation of Vietnam Airlines' business operations. Moreover, it contributes to customer
satisfaction by expediting the processing of demands and providing comfortable spaces for passengers. 21 Technology
With respect to technology, Vietnam Airlines, along with VietJet, maintains research and
development centers. Nevertheless, owing to its substantial financial and human resources, Vietnam
Airlines possesses more cutting-edge technologies. These advanced technologies are deemed crucial
resources in the digital era, as they significantly impact the sustainable progression of the overall business.
Conversely, VietJet Air is positioned as a low-cost carrier, leveraging a well-defined targeting
strategy and distinct competencies. While it can be favorably compared to Vietnam Airlines, which
possesses exceptional competencies throughout the entire market, VietJet Air still dominates the lower-
tier segment with its abundant fleet of young aircraft and ongoing technological advancements that
enhance the overall quality of its services.
Given the identical circumstances, Bamboo Airways cannot contend with the advantages boasted
by Vietnam Airlines. Nonetheless, being a hybrid carrier confers upon Bamboo Airways a distinctive
attribute. As the population and demand continue to expand, Bamboo Airways, with its youthful and
expanding fleet of aircraft, will acquire a pivotal competency to vie against the other two companies.
On the whole, owing to its substantial capital resources and extensive developmental history,
Vietnam Airlines truly distinguishes itself as the entity possessing core competencies that pose challenges
for other competitors to duplicate. Across the entire market, the competencies exhibited by VietJet Air
and Bamboo Airways fall short of acquiring core status, as Vietnam Airlines has already surpassed them
in performance. However, these two companies may emerge as potential contenders in the foreseeable
future if market conditions and demands undergo changes. Presently, VietJet Air and Bamboo Airways
are experiencing rapid growth, strategically seizing additional market share within the domestic market of
Vietnam. Consequently, a period of time will be required for these two companies to elevate their
competencies to core status—competencies that are clearly discernible, exceptional, and arduous to imitate.
3.8. Competitive advantages
Vietnam Airlines has established its competitive advantages thanks to focusing on four key
factors and making them superior to that of competitors. 22
3.8.1. Exceptional performance and productivity Workforce
It has implemented a salary reform program that links salary with business efficiency.
This has motivated the workforce, improved job productivity, and attracted skilled employees to the company.
The company reorganized its labor force, maintained stability, and provided training to develop special labor roles.
Despite the increasing number of flights and passengers, there has been no increase in the labor force. -
The productivity of the labor force has increased consistently over the years. -
In 2017, labor productivity was 5.15 million passengers based on the RPK/FT index. -
In 2018, labor productivity increased by 7.6% compared to 2017 based on the RPK/FT index. -
In 2019, labor productivity increased by 4% compared to 2018 based on the RPK/FT index. Technology
Vietnam Airlines prioritizes the use of advanced and modern technology to develop its operations.
The company focuses on developing e-commerce and customer support technology. By
implementing IT applications, Vietnam Airlines improves productivity and eliminates unnecessary tasks.
The integrated operating system for business production optimizes operations.
Electronic flight logs eliminate paperwork and reduce the likelihood of errors.
Software systems for pilots and flight attendants streamline their tasks.
Mobile applications reduce operating costs and improve efficiency.
3.8.2. Superior quality
Superior quality products and services differentiate and increase the value of products based on customer feedback.
High-quality products help eliminate service product defects and reduce cost structures.
Vietnam Airlines focuses on maintaining and improving the quality of ground services by
applying technological solutions.
The airline introduces new innovations for air travel, including enhancing its culinary offerings
and providing varied entertainment options.
Vietnam Airlines has perfect safety and air service ratings according to the Civil Aviation Administration of Vietnam. 23
High quality products will allow Vietnam Airlines to charge higher prices and keep its cost structure low.
3.8.3. Innovative solutions
Vietnam Airlines has pioneered the use of wireless streaming, WiFi, and entertainment apps for
its air services. These features have helped Vietnam Airlines differentiate itself from its competitors in
Vietnam and potentially increase profit margins.
Vietnam Airlines has introduced Family check-in services to simplify procedures and save time at the airport.
→ These innovations have made Vietnam Airlines a digital technology pioneer in its service offerings.
3.8.4. Outstanding customer response
Vietnam Airlines continuously improves the passenger experience and provides services of
similar quality to major airlines worldwide.
Vietnam Airlines invests in specialized equipment to serve passengers with mobility limitations attentively.
Vietnam Airlines offers a Special Economy Class (Premium Economy) with a spacious
environment and similar meal offerings to business class.
Vietnam Airlines provides preferential policies and free service programs for passengers with mobility limitations.
Vietnam Airlines is responsive to feedback and uses world-class information technology to reduce
response times and labor costs.
NPS scores for Vietnam Airlines have continuously improved in 2020. 4. Positioning
4.1. Points of parity
The Vietnam domestic market exhibits certain similarities among its airlines, which prove advantageous for customers.
First and foremost, there exists a uniformity in terms of safety and security standards among all
airlines. Each airline is subjected to strict control and regulations, mandating compliance with the
requirements set forth by the Civil Aviation Authority of Vietnam prior to commencing operations.
Rigorous inspections of aircraft are conducted to ensure their optimal condition. Furthermore, airlines
consistently prioritize the privacy and possessions of their customers by providing necessary services. 24
Consequently, customers can place their trust in airlines to deliver flights that prioritize safety and security.
Additionally, the quality of service on short-haul flights has experienced a progressive
standardization trend. Presently, Vietnam Airlines is gradually discontinuing the provision of in-flight
meals on its short-haul flights as a means to enhance price competitiveness relative to VietJet Air and
Bamboo Airways. As a result, the service quality across these airlines operating domestic short-haul
routes is considered quite comparable. Consequently, customers benefit from a wider range of airline
choices, as these companies actively participate in price reductions to vie for market share.
4.2. Points of differences
Vietnam Airlines stands out in the Vietnam domestic market with various relating to its services
and options for customers to choose. These are punctuality, facility, route network, in-flight and ground
service, application of technology and digital transformation. Punctuality
Punctuality is a crucial factor in operations as it determines the level of satisfaction and long-term
loyalty towards an airline. Unlike low-cost carriers such as VietJet Air and Bamboo Airways, Vietnam
Airlines must maintain a higher on-time performance rate due to its 4-star airline status. According to
statistics from the Civil Aviation Authority of Vietnam, Vietnam Airlines' on-time departure rate (OTP)
stands at 89.4%, surpassing VietJet Air by 4.6% and lagging behind Bamboo Airways by 6.2%. Based on
this data, it is evident that Vietnam Airlines has not yet achieved optimal operational efficiency, resulting
in inconvenience for many passengers. If Vietnam Airlines fails to implement effective measures to
address this issue in the near future, the airline will face intense competition from Bamboo Airways.
From a market perspective, customers are increasingly concerned about comfort and convenience when
choosing an airline. Therefore, punctuality should be given particular attention by airlines to maintain
customer trust and satisfaction.
Modern facilities
In addition to services, the consistent provision of equipment throughout the customer's flight
experience is of utmost importance, especially during long-haul and international flights. As a full-service
airline, Vietnam Airlines offers modern entertainment facilities on board. Unlike low-cost carriers that
maximize profit by installing additional seats, Vietnam Airlines reduces the number of seats on its
aircraft, resulting in wider seat spacing and a more comfortable seating experience. 25 Service
Vietnam Airlines has consistently been regarded as one of the top airlines offering exceptional
service quality in Vietnam. In 2023, it stands as the sole Vietnamese airline to secure a position among
the world's top 50 airlines. Throughout its developmental journey, Vietnam Airlines has prioritized
customer experience through the delivery of high-quality services. In 2021, the Net Promoter Score
(NPS), a measure of customer satisfaction, reached 51%, marking a 17-point increase compared to the
same period in 2020. Achieving an NPS above 50% signifies the trust, preference, and continued
patronage of customers towards Vietnam Airlines.
Digital transformation and IIoT (automation and data exchange)
Vietnam Airlines has implemented robust IT solutions to progress towards its goal of becoming a
digital airline. Extensive research has been conducted to apply intelligent IT solutions across all domains,
optimizing workflow processes, cost savings, revenue growth, and delivering a customer experience that
aligns with the demands of the Fourth Industrial Revolution. In 2021, Vietnam Airlines achieved
significant milestones, including the successful implementation of the customer experience management
system and the development of a shared Data Warehouse throughout the entire corporation. Effective data
utilization has been realized through intelligent reporting and analytics systems (Business Intelligence),
demonstrating the company's commitment to technological advancement.
4.3. Value proposition
Vietnam Airlines is renowned for its provision of premium aviation services, catering to the
diverse needs of customers at the utmost level. Opting for Vietnam Airlines guarantees customers an
expectation of unparalleled service from a reputable 4-star airline, presenting an extensive array of
options. Indeed, patronizing these airlines bestows customers with a multitude of choices, including an
extensive selection of destinations, comprehensive in-flight services, and expedited ground services. It is
important to note that selecting Vietnam Airlines over competing carriers entails a higher ticket price,
which is justified by the enhanced service offerings. Thus, Vietnam Airlines effectively establishes itself
as a prominent purveyor of top-tier services, delivering superior benefits and commanding a premium in the market (Figure 1.1). 26
Table 3.7. Vietnam Airlines' value proposition in terms of price and benefit
4.4. Perceptual map
Vietnam Airlines is widely regarded as a premium airline renowned for its exceptional customer
service and higher-priced tickets. In sharp contrast, customers perceive VietJet Air as a budget carrier,
offering standard service and relatively affordable fares. Positioned strategically between Vietnam
Airlines and VietJet Air, Bamboo Airways occupies a middle ground, catering to a diverse range of
passengers with a balanced offering of service quality and ticket affordability.
Table 3.8. Perceptual map of three airlines (Vietnam Airlines, VietJet Air and Bamboo Airways)
4.5. Brand mantra
Vietnam Airlines defines its brand mantra as "Reaching further," a philosophy that aligns closely
with its overarching vision and mission. This principle embodies the airline's relentless dedication to
elevating its services in order to accommodate the evolving demands of its esteemed clientele. In order to
effectively realize this objective, Vietnam Airlines recognizes the need to establish a broader network of 27
destinations, thus affording its customers a wider array of choices and ultimately enhancing their
satisfaction levels. By continuously expanding its reach and offering an extensive range of travel options,
Vietnam Airlines endeavors to provide an unparalleled level of service, thereby ensuring the utmost
satisfaction of its esteemed clientele.
5. Marketing mix 5.1. Product
Routes and airlines:
The network of operational routes comprises 49 airports to 26 countries, more than 50 routes with
a total of more than 360 flights per day. Vietnam Airlines also signed a joint venture with 23 airlines to
provide a network of routes across Asia, Europe, Africa, Australia, and North America.
As the leading air force in Southeast Asia, it currently operates over 97 routes to 18 domestic and
35 international destinations with an average of 400 flights per day.
As of September 2021, the VNA has a total of 100 aircraft. In addition to passenger
transportation, the company operates an air transportation division, transporting goods in Asia, Europe,
North America, and the Oceans, using its own and its partners' passenger aircraft.
Airline Classes
First Class: The highest class of seats on the flight. Not every airline has a first-class seat. Mostly
served on long cross-continental flights.
Business Class: very special seat class, equipped with a variety of amenities and services on the
plane. Often served on long-haul flights. For the airline Vietnam Airlines is also served on flights such as
Hanoi – Da Nang, Hanoi – Saigon...
Premium Class, Deluxe Economy Class, Comfort Class: A middle class with standard and service
quality between Business Class and Economy class. Currently, special-class air tickets are sold mainly on some international routes.
Economy Class: The most common and also the most popular type of seat on flights. And of
course, the flight prices for this class are at the lowest level.
Currently, Vietnam Airlines' domestic flight categories include eight categories: Business (Active
- J, Standard - C, Savings - D); Universal (active - M, K, standard - L, Q, saving - N, R, T); Special
Savings (U, E, P); Super Savings (P). Regardless of seat class, route, and plane, passengers can always
expect a warm welcome and attentive attention from Vietnam Airlines. 28 Utilities
Information service: ticket prices, flight schedules, entertainment centres, hotels... Reservation
service, ticket dealers; Passenger shuttle service from the transfer station to the airport and vice versa;
Service for take-off and landing procedures; Service on the plane: attendants, entertainment, dining... The
higher the ticket level, the more varied the service.
Product Quality Policy
Vietnam Airlines puts the safety of its customers first with its policies and strictly performs
maintenance services to ensure absolute safety for its customers.
The VNA's specialty is timeliness. On an average of 100 flights, there are about 15 flights delayed
(up to 85%). The cause of international delays is mainly influenced by the advance (60%), the influence
of authorities, flight regulators, governments (17%), aircraft engineering (12%), and other factors.
Team: VNA owns a young fleet, with the most modern aircraft like the Boeing 787, and Airbus
A350; there are currently 104 aircraft (2021) including 11 B787, 12 A350, and the A330, A321.
Service criteria: including criteria related to check-in time, lost luggage, language, radio, food,
and beverages. Some criteria are underestimated: entertainment on the flight, telephone reservations,
willingness to help guests, and the host's foreign language.
On July 12, 2016, VNA was officially recognized by Skytrax as a four-star airline and awarded certification to VNA.
New Product Development Policy
Joining the aviation alliance has spread the VNA network around the world to 1,052 destinations
in 177 countries. In addition, VNA has additional products such as connectivity services, regular
customer service, telecommunications services, and banking systems. 5.2. Price
Overall, Vietnam Airlines prices are 5-20% higher than other domestic airlines, but compared to
international airlines the prices are in line with the services offered by Vietnam Airlines. However, there
are many different prices and the corresponding quality depending on the ticket category to meet the
needs of every customer segment.
Vietnam Airlines' seasonal and flight time pricing policy to optimize its transfer operating capacity -
During peak seasons (June-August and December-February of the following year) and peak hours
(6:00-9:00 and 5:00-8:00 PM) the travel demand of passengers increases, and flight prices are
usually higher than in the low season. 29 -
Low season (September to November and March to May) and low time (9h AM to 5h PM and 8h
PM - 6h AM) passenger travel needs decrease, so the flight prices are usually lower than in the peak season.
In addition, Vietnam Airlines also applies a number of different price policies: -
1-2% discount policy for dealers -
Promotional Tickets: Vietnam Airlines regularly launched promotional air ticket programs with
promotional prices such as monthly offers or payment through payment apps in partnership with VNA such as Momo, VNPAY... -
Group Tickets: Discounted Tickets for Groups of 10 and more. -
Price for children: 90% of the price for adults (Vietnamese territory) and 75% (international) -
Senior and disabled passengers: Customers are Vietnamese citizens who are 60 years of age or
older, with a 15% discount from the general ceiling price for domestic flights regulated by the State.
Expand cooperation to reduce prices for joint ventures and international routes, e.g. Hanoi-
Singapore, TP.HCM – Singapore,... 5.3. Place
10,240 ticket offices (as of December 2016), with 31 branches and representative offices in 20
countries and all four continents to meet the long-distance mobility needs of customers worldwide.
Domestic: Vietnam Airlines is headquartered in Hanoi and has 25 branches and 5 subsidiaries
operating in 20 major provinces/cities in Vietnam.
Vietnam Airlines has developed a distribution system via the Internet and has partnered with a
number of travel agencies such as Traveloka, Booking, Agoda,... With this system, the company can save
a lot of money compared to opening a branch and at the same time reach more customers. 5.4. Promotion
Strengthening public relations as a sponsor of national, cultural, and social events such as the
APEC Summit, the Women's Summit, and cultural events in other countries such as Japan, Belgium, and
the United Kingdom, supporting the Vietnamese community abroad... In addition, VNA is coordinating
tourism promotion in cooperation with the Directorate-General of Tourism to build the TV show “Hidden Beauty”, “Vietnam”
Advertising through media through major newspapers in Vietnam such as Labour, Youth, or
Asahi, Goodweeken, Travel Trade abroad. Advertising on TV, on the Internet, outdoors... and ads on TV with unique TVCs. 30
Charity to raise images like 2,500 books from the Central Team Council, the Vietnam Airlines
Corporation has contributed to the people of Central Vietnam. Vietnam Airlines contributed VND 2.1
billion to support seven Central and South Central provinces to help their countrymen overcome the
consequences of the heavy rainfall. During the Central floods, the company delivered free relief goods to the people there.
Using the image of its own employees to promote the traditional image that we want to target as
well as avoiding the case that famous people encounter disadvantages affecting the image and revenue of
the company However, Vietnam Airlines has not really focused on added value such as hotel booking
support, gifts or tour discount, there is no promotion policy for close passengers, large customers. 5.5. People
The human factor is always at the forefront of Vietnam Airlines, determining the quality of its
products and services. At the same time, it makes a difference to other airlines.
Human resources include leadership officers, workers who don't have direct contact with
customers, and frontline staff who are determining the strength of an airline.
Extremely rigorous selection process and high criteria for selecting employees assured of the
business process, fully converging ethical determine factors, personality, and work attitude. Human-
power training is the most sustainable and “living” way of internal development.
In addition, the passengers are also a key factor, determining the success of the airline. Therefore,
Vietnam Airlines attaches great importance to its passenger policies, aimed at meeting the needs of
service users. At the same time, build trust for each customer through the collection of opinions, support, customer care, etc. 5.6. Process
Vietnam Airlines consciously builds a simple internal working process and saves time for
exchanging information between departments. The departments are closely related in terms of work
placed side by side. Help reception process, and processing of internal information early to complete.
For flight operations, Vietnam Airlines applies in the following order: (1) Ticket booking and
payment process; (2) Procedure; (3) Prepaid baggage; (4) Get on the plane; (5) On a plane; (6) Aircraft landing
The operational process requires cooperation between departments, although it has been
operational for many years, the processing for customers is time-consuming, check-in procedures,
boarding, connecting for passengers delayed, complaints, etc. However, this problem is improving and operating more steadily. 31
5.7. Physical evidence
Vietnam Airlines has been and is investing very well in its facilities.
The address of the ticket office is located in the center of the crowded city, the area and the space
that meets the general requirements. The devices and tables are decorated and synchronized with brand
image and marketing campaigns.
Facilities at the airport: Sea, passenger board instructions, services, etc., varied and clear in
language. The waiting area, the procedure location, the security and equipment, such as radio speakers,
air conditioning, clean toilets, and stable operation.
Aircraft: For long flights (international flights over 3 hours) equipped with entertainment
equipment: film LCD, music program,... With premium airplanes or business class seats, the company
will provide a private seat with a personal screen, noise-resistant headphones, and snacks.
Costume and logo: The Vietnam Airlines logo uses two main tones, the yellow of the cotton and
the blue of the brand. Combined with the Vietnam Airlines long-sleeved uniform, the idea comes from
the traditional Vietnamese long shirt.
5.8. Compare with Vietjet Air and Bamboo Airways
Vietnam Airlines VietJet Air Bamboo Airways Product Brand Vietnam's national airline, Cheap airlines, cheap A mid-range, high- Localization four-star quality orientation flights. quality airline. Services and Utilities Wide, comfortable Smaller, fewer foot Space average Chair Economy seats: 32-34 inch Economy seats: 29-30 Economy seats: 30-32 seat inch seat inch seat Food Supplies High quality, large choices Light weight, simple Averages Entertainment Varied, abundant Limited Average services Other services Multiple options Limited Average 32 Price Expensive Cheap Average Economy tickets around Economy tickets around Economy tickets around $100 - $300 $50 for same route, can $100-150 Ticket Price go up to $150 with addons. Flash sales with $0 base fares. Price Policy Flexible Hard request Flexible Place Agent, website, Have application Over 40 domestic and 25 10 domestic and 5 Over 15 domestic and international destinations
international destinations regional destinations in Destination (Thailand, Singapore, Asia South Korea) Promotion Method
TV ads, newspapers, social networks. Content VNA accentuates service VJA positions itself as a BBA focuses promotional excellence, quality fleet, fun, youthful low-cost campaigns on hybrid safety record in its airline. It relies heavily service models, new advertising messages.
on social media and viral aircraft, premium cabins, Having a loyalty program marketing campaigns. fusion of quality and VNA promotes itself as a Using viral stunts, affordability in premium full-service disruptive ads, promotions. airline. influencer campaigns to It uses online marketing promote its youthful and travel agent outreach. image. Also uses 33 promotions like free ticket giveaways. People Highly trained and A team of young and Experienced and experienced staff. The energetic staff. The professional staff. The airline's pilots, cabin crew, airline's staff are known airline's staff are and ground staff are all for their friendly and committed to providing a committed to providing a efficient service. safe and comfortable high-quality travel travel experience to experience to passengers. passengers. Process VNA has efficient and VJA has simple and BBA is still developing reliable operations. The streamlined operations. its operations. However, Operating airline has a good track The airline's focus on the airline is committed Process record of on-time efficiency allows it to to providing a high- performance and safety. offer low fares to quality travel experience passengers. to passengers. Business Class/ VIP Customer Have No Have Service Process
Physical Evidence A fleet of modern and well- A fleet of modern and A fleet of new and maintained aircraft. The efficient aircraft. The modern aircraft. The airline's aircraft are airline's aircraft are well- airline's aircraft are equipped with the latest maintained and equipped with the latest amenities and safety comfortable. amenities and safety features. features. 34
Table 3.9. Compared 7Ps between 3 brand (VNA, VJA, BBA) 6. Conclusion
Vietnam Airlines, as an efficiently organized enterprise, demonstrates a cohesive interconnection
among its constituents within the business model, encompassing value chain, positioning, and marketing mix.
Amidst the rapidly evolving market dynamics and the strong ascendancy of competing airlines,
the gap between Vietnam Airlines and its counterparts is gradually diminishing. Notably, VietJet Air and
Bamboo Airways stand out among these counterparts.
In order to sustain steadfast success in the market and maintain its preeminent position within the
Vietnamese market, Vietnam Airlines needs to implement innovative policies that align with the
prevailing trends in the global aviation industry. This entails digital transformation and the application of
information technology. Presently, Vietnam Airlines leads in this domain; nevertheless, it is imperative
for the company to accelerate the pace of this transformation even further.
Macroscopic factors such as the economy, society, and technology will serve as pivotal
determinants for the sustainable development of Vietnam Airlines in the forthcoming years. Therefore,
Vietnam Airlines must optimize its management apparatus and employ various technologies to enhance
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