Airports Council International forecasts that Vietnam will have the fastest air passenger growth in the world in the period of 2018-2040 with an average annual growth rate of 6.2%. Vietnam’s aviation industry continued to experience healthy double-digit growth in 2019 amid issues at some key airports, according to Viet Dragon Securities Company (VDSC). Overall air traffic volume was up 12% year-on-year and reached approximately 116 million passengers. Although the growth rate of international passenger traffic continued to outpace domestic passenger growth, the gap between the two has contracted. Domestic passenger volume growth rate was estimated at 11% year-on-year, picking up strongly from a 6% expansion in 2018. This was likely driven by new supply from brand-new carrier Bamboo Airways, following years when the domestic market was not prioritized by established operators such as Vietjet Air, Vietnam Airlines and Jestar Pacific. On the contrary, international passenger volume growth showed a moderate deceleration, rising only 14% year-on-year in 2019 vs 21% year-on-year in 2018. Though this growth rate was in line with the growth of the foreign inbound tourist arrivals by air of 15% year-on-year for 2019, VDSC attributed this slowdown to the estimated sluggish international passenger volume rise of only 5%… Read full this story
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