PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY

PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN HÀNG KHÔNG PACIFIC AIRLINES), commonly known as PACIFIC AIRLINES, is a long-standing Vietnamese low-cost airline with more than 32 years of history in the domestic aviation sector. Headquartered at the Vietnam Airlines Building inside Tan Son Nhat Airport in Ho Chi Minh City, the company operates under the majority ownership of Vietnam Airlines JSC, which holds 98.84% of its shares. Established in October 1992, PACIFIC AIRLINES was one of the pioneers of affordable air travel in Vietnam.

In recent years, however, the company has faced significant financial turbulence. According to its 2023 financial report, PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY generated USD 181.03 million in revenue, a 33.95% increase over the previous year. This strong growth in sales reflects the post-pandemic rebound in passenger demand and the airline’s efforts to restore operations. Nevertheless, the airline continued to suffer deep financial losses, posting a net loss of USD 91.49 million, only a modest improvement over its 2022 deficit of USD 86.1 million.

Most notably, the airline's balance sheet reveals a negative owner’s equity of USD -381.97 million, reflecting accumulated losses that exceed total capital. Total assets decreased by 16.26% in 2023, down to USD 222.22 million, while working capital sank further to a negative USD -388.19 million, raising serious concerns about the airline’s solvency and its ability to meet short-term obligations.

Despite these challenges, PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY remains operational and continues to provide domestic passenger air transport services, supported by infrastructure in key cities such as Hanoi, Da Nang, and Ho Chi Minh City. The company is led by General Director Mr. Dinh Van Tuan, with a management team focused on restructuring operations and achieving sustainable recovery.

The company’s registered business activities encompass a broad portfolio of services related to air travel, including warehousing, air cargo handling, short-term accommodations, advertising, and insurance and leasing services. This diversification shows intent to develop multiple revenue streams, but the core passenger transport business remains under financial stress.

Given its critical role in Vietnam’s air travel infrastructure and the backing of the national carrier, PACIFIC AIRLINES AVIATION JOINT STOCK COMPANY still holds strategic value. However, its continued survival will depend on decisive restructuring, capital injections, or further integration with Vietnam Airlines. Stakeholders, creditors, and investors are advised to monitor developments closely. For up-to-date business verification, litigation risks, and financial tracking, rely on VANGUARD BUSINESS INFORMATION LLC (VBI)—Vietnam’s trusted source for aviation sector insights and risk management data.