Vietnam’s only privately owned airline, Vietjet, issued 300m shares on the Ho Chi Minh City Stock Exchange last month. By 9:19am, the stock price had jumped from $3.95 to $4.74, valuing the low-cost airline at $1.42 billion
In a much-anticipated initial public offering (IPO), Vietjet issued 300m shares on the Ho Chi Minh City Stock Exchange and soon hit the maximum permitted 20% daily increase in share price.
Shares were initially offered at VND90,000 ($3.95), but were being traded at VND108,000 ($4.74) by 9:19am.
Leveraging its position as the country’s first privately owned airline, Vietjet managed to record profits in only its second year of operation and now commands a 40% share of the domestic aviation market.
In 2016, the company increased its revenue to $1.21 billion, up from $488 million in 2015.
A Vietjet crew member closes the door of a A320 airplane before departure for Bangkok at Noi Bai international airport in Hanoi. Photo: Nguyen Huy Kham/Reuters
Vietjet’s success, however, has not been without controversy. In 2012, Vietjet’s president and CEO Nguyen Thi Phuong Thao came under fire for asking five candidates in a local beauty contest to wear bikinis and present in-flight performances “for the benefit of beauty and happiness”. Despite widespread criticism of the ‘performances’, flight attendants continue to don bikinis on inaugural flights to beach locations, earning Vietjet the ‘bikini airline’ moniker.
In a statement released this afternoon, Thao, who is Southeast Asia’s first self-made female billionaire, spoke of a bright future for the controversial airline.
Vietjet, famous for its bikini show | youtube
“Vietjet shall maintain a continuous and high growth rate and we believe that there will be a brighter future in the air for our passengers, the airline and its investors,” she said.
“Vietjet is leading the way in becoming an airline with high-quality services and efficient management and as a listed company that meets best standards and practices in Vietnam and internationally.”
This article was first published on sea-globe.com on the Feb 28th, 2017.
I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to
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understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia.
I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine.
I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan"
I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy
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