CORPORATE FINANCE 2022 (1)

CORPORATE FINANCE 2022 DANANG UNIVERSITY OF ECONOMICS CORPORATE FINANCE 2022 VIETJET AVIATION JOINT STOCK COMPANY INFORMATION : Early outsourcing efforts were primarily confined to manufacturing activities. Increasingly, however, companies are taking advantage of modern communications technology, particularly the Internet, to outsource service activities to lowcost producers in other nations

DANANG UNIVERSITY OF ECONOMICS CORPORATE FINANCE 2022 VIETJET AVIATION JOINT STOCK COMPANY INFORMATION Lecturer: Ms Thai Thi Hong An Article name: Financial Statement Analysis – VietJet Aviation Joint Stock Company Class: 46K01.3 Group: Authors’ name: Lecturer: Ms Thai Thi Hong An Tran Dinh Dinh Prepared By: Group - 46K01.3 Tran Dinh Dinh Le Thi Khanh Ha Ho Nguyen Ngoc Le Thi Khanh Ha Dinh Thi Phuong Thao Tran Thi Them Ho Nguyen Ngoc Dinh Thi Phuong Thao Tran Thi Them Language: English TABLE OF CONTENTS IMAGE LISTS TABLE LISTS I General information about VietJet Aviation Joint Stock Company I.1 Corporate profile • English name: VIETJET AVIATION JOINT STOCK COMPANY • Abbreviated name: VIETJET., JSC • Trade name: VIETJET AIR Figure Logo of Vietjet Air corporation • Business code: No 0102325399 issued by Ha Noi Department for Planning and Investment  First registration: 27 November 2007  28th amendment: 08 January 2020 • Air Transport Business License: No 04/2016/GPKDVCHK dated 30/12/2016 • Head Office: 302/3, Kim Ma Street, Ngoc Khanh Ward, Ba Dinh District, Ha Noi, Vietnam Operating Office: VietJet Plaza, 60A Truong Son, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam • Website: www.vietjetair.com • Slogan: Save More, Fly More • Charter Capital: VND 5,416,113,340,000 (Five trillion, four hundred sixteen billion, one hundred thirteen million and three hundred forty thousand Vietnam Dong) • Total common shares (on December 31, 2021): 16.874.210.320.480 • Stock code: VJA (listed on Ho Chi Minh city Stock Exchange - HOSE) • Face value: 10,000VND/ Share • The Fiscal Year: from January to December 31 • Financial Statement Auditor:  Currently: PwC (Vietnam) Company Limited  Former: KPMG Vietnam Company Limited • VJA Stock transaction in 2020:  Opening price at the beginning of the period: VND 125,800/share (January 4, 2021)  Closing price at the end of the period: VND 128,300/share (December 31,2021)  Average trading volume: 820,000 shares/session • Vision: To become a global airline group with an extensive regional and worldwide flight network, providing not only airline services but also consumer services across advanced e-commerce platforms; a trusted and highly prestigious brand in the eyes of travelers all over the world • Mission:  To continuously expand our flight network nationally, regionally, and globally  To bring innovation to airline services  To make air travel the most popular form of transportation for Vietnamese and all people around the world  To bring happiness and satisfaction to our customers by offering outstanding services, always with a friendly smile I.2 Core business of VIETJET VietJet has built a closed and connected supply chain of aviation services from Upstream operations to core operations and downstream operations and continuously invests in quality I.2.1 Upstream activities Manufacturer: VietJet establishes strategic relationships with Airbus and Boeing, the two largest aircraft manufacturers in the world through large value commercial contracts with many incentives Aircraft leasing: Providing wet leasing, dry charterng of aircraft and trip chartering services for travel agencies Airport service: VietJet is always looking for investment opportunities to proactively provide ground services at airports, payment services, repair services and specialized aviation training I.2.2 Core activities Air transport: Passengers and cargo transportation services are the core service segment of the airline from the early days of its establishment till now I.2.3 Downstream activities Distribution services: Invest and/or become strategic partners with travel service providers, freight service companies such as Viettel Post, VNPT, UPS, I.2.4 The process of formation and development of VietJet Aviation Joint Stock Company VietJet Aviation Joint Stock Company is the first private airline in Vietnam VietJet is an official member of the International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) • 2007: Obtained an Air Operator Certificate No 01/0103018458 • 2011: Launched the first commercial flight from Ho Chi Minh City to Ha Noi on 24 December • 2012:  Launched Vietjet’s new slogan “Enjoy Flying”  Expanded domestic flight network to six new destinations including Vinh, Da Nang, Nha Trang, Da Lat, Phu Quoc, and Hai Phong • 2013:  Inaugurated the first international route from Ho Chi Minh City to Bangkok (Thailand) • 2014:  Launched VietJet Cargo Joint Stock Company  Launched Thai VietJet Joint Stock Company • 2015:  Inaugurated VietJet Training Center  Achieved IATA Operational Safety Audit certificate from International Air Transport Association (IATA) • 2016:  Signed an agreement to establish an Airbus Training Center in Vietnam  Officially became a member of International Air Transport Association (IATA) • 2017:  Listed company’s shares on Ho Chi Minh Stock Exchange (HOSE)  Attended APEC Da Nang Summit • 2018:  Signed MOU (Memorandum of Understanding) for long-term engine maintenance service with CFM International Signed a USD 7.3 billion agreement with Safran - CFM, GECAS in France • 2019:  Reached the milestone of 100 million domestic and international passengers  Expanded flight network with 139 routes including 44 domestic routes and 95 international routes  Officially became a member of the Japan Business Federation - Keidanren • 2020:  VietJet has been recognized as the "Best low-cost carrier of the year" and the "Best belly carrier of the year" for its outstanding cargo transport in 2020 by Payload Asia - an international magazine for the air freight industry • 2021:  The 10th anniversary of taking off the first flight (December 24, 2011 – December 24, 2021) II.Aviation industry II.1 Aviation industry in Vietnam In 2020, Vietnam had international airports, managed by the Airports Corporation of Vietnam (ACV), and was ranked in second place among Southeast Asia, just behind Indonesia with 34 international airports with the number of registered aircrafts is 218, with 138 international route and 50 domestic routes From 23.7 million passengers in 2011 to 61.2 million in 2017, the size of the entire Vietnamese aviation sector (including international traffic) expanded by 2.6 times 63 foreign airlines operating international flights to Vietnam from 25 different countries/territories are a part of the Vietnam aviation transport market 105 international routes are being utilized by foreign airlines as well as Vietnam Airlines subsidiaries: Vietnam Airlines, Jetstar Pacific Airlines, and VietJet According to estimates, Vietnam's GDP is supported by the air transport sector, which includes airlines and its supply chain, to the tune of US $2.6 billion An additional US $9.9 billion of the country's GDP is supported by international visitor spending, for a total of US $12.5 billion The inputs to the air transport sector and foreign visitors who arrive by air contribute 5.2 percent of the nation's GDP overall The main market for passenger shipments to Vietnam is the Asia-Pacific region, followed by Europe and North America 95% of all passengers arriving in Vietnam came from the Asia-Pacific region (41.3 million), 2.9 percent came from Europe (1.3 million), and 766,000 came from North America (1.8 percent) According to the research of britchamvn, Vietnam is the fastest growing country for passengers with 7,8% from 2017 to 2040 It shows the great development potential of the country's aviation industry in the future II.2 Competitive environment and the key competitors II.2.1 Competitive Environment Analysis through Michael Porter's five forces II.2.1.1 Rivalry of Existing Players is high Large barriers to leaving the industry: Due to the characteristics of the industry, there is a large investment in fixed assets and these assets are unlikely to be used for other industries, making the barrier to leaving the industry high Besides, most of the investment capital used is debt, so leaving the industry is quite difficult because long-term loan contracts bind companies to continue operating Low cost of switching between businesses: The services provided by air transport businesses are generally not too different, so no airline can dominate the industry market share This results in customers being able to switch service usage between businesses easily II.2.1.2 Threats from Substitute Products is low In addition to aircraft, passengers can choose other vehicles such as cars, buses or trains The conversion costs between these vehicles are not large (thanks to the low -cost aviation model), whereas the biggest cost to trade is time Up to the present time, the aircraft is the fastest means of transportation in transportation methods With an average speed of over 1000 km/h depending on the type, the air transport vehicle has left rivals in the industry, becoming the first choice in terms of transport time Along with that, the current socio -economic pace in which time is a decisive strategic factor, air transport has become more and more popular and holds the number one priority Moving by plane is increasingly proving the advantages of time and convenience compared to other vehicles In addition, infrastructure in Vietnam creates great obstacles for trains, buses compared to aircraft Compare price competitiveness and time between vehicles with cheap aviation, if the price difference is not large, passengers will tend to choose cheap aviation services to save time Air transport is virtually the only option for transporting passengers abroad This is an absolute advantage of the industry over alternative products In terms of freight, the items that airlines are shipping today are mostly high-value products These items need to be stored and shipped faster to match market trends II.2.1.3 Threats of New Entrants is low The airport infrastructure does not meet the overheated growth of the aviation industry: Aviation is a conditional business, which regulators will license based on existing infrastructure or in the near future If the infrastructure is overloaded, airlines will be limited in the number of flights and time frames, from which the establishment of new airlines will be affected and face strict regulations Costly investment: Aviation industry requires significant fixed asset investments, regardless of the circumstance, airlines must always pay these substantial charges, including rent, the purchase of an airplane, interest payments, the salaries of thousands of workers, and security expenses The creation of an airline requires huge time, effort, and financial resources In addition, the initial investment of an aviation carrier is relatively long, requiring new businesses to have a fleet, crew, and experienced flight staff Therefore, airlines are often very large compared to other businesses Strict licensing process for new airlines in Vietnam: Currently, the airport infrastructure is overloaded, the Ministry of Transport is very strict in the flight permit for new businesses Vietstar Airlines, for instance, Vietstar Air's profile was "delayed" due to the situation of aircraft apron shortage in Tan Son Nhat II.2.1.4 Bargaining Power of Suppliers is high High concentration from suppliers: Vietnam currently does not have aircraft manufacturers, airlines, we must order from major manufacturers of the world such as Boeing, Airbus Currently, Airbus accounts for most of the aircraft supply market share in Vietnam However, there is no aircraft manufacturer with a product line suitable for lowcost aviation models like Airbus, the position of this aircraft manufacturer for air carriers is high Leasing sector: Currently, Vietnam has only one enterprise, Vietnam Aircraft Leasing Co (VALC) owned by Vietnam Airlines with 32% capital VALC buys and then leases the aircraft to domestic airlines, with the main customer being Vietnam Airlines Aircraft transportation and maintenance service: The airlines usually have to sign a long -term contract with a taxi and bus company, as well as the supplier aircraft maintenance These are all big partners, with strength in the market and the company has to go through many negotiations with them to sign a contract, so terminating a contract with one supplier to transfer to another is difficult and the conversion costs are high Aviation infrastructure: The characteristic of the aviation transport industry is to use airports as aircraft parking, waiting for passengers… Besides, the two large airports in Vietnam, Tan Son Nhat and Noi Bai are both overloaded, the supply does not meet the demand II.2.1.5 Bargaining Power of Buyers is low Currently, with the more participation of private airlines, customers have more choices Customers initially have a voice about upgrading service quality or lowering product costs and have the right to choose between airlines However, currently Vietnam's aviation 10 previous period This situation is obvious when the company witnessed the great-negative effects of the Covid- 19 pandemic Figure 15 Inventory turnover and Day's sales in inventory of VJA 2017-2021 As can be seen from the chart, VJA’s Figure 16 Inventory turnover and Day's sales in inventory of VJA and VNA 2017-2021 inventory turnover was higher than that of VNA throughout the last years Therefore, the days’ sales in inventory of VJA were lower than that of VNA It means that the company's business performance was better than that of its competitor - Vietnam Airlines between 2017 and 2021 because VJA’s inventory-consuming sales speed was faster than VNA’s VI.3.2 Receivables turnover and Day’s sales in receivables Calculation unit: million VND, time, day 2017 2018 2019 2020 2021 Net sales 42,302,573 53,577,241 50,602,936 18,220,293 12,874,920 Accounts receivable 10,223,454 10,272,635 16,755,814 20,896,414 23,261,094 Receivables turnover 4.14 5.22 3.02 0.87 0.55 88 70 419 659 Days' sales in receivables 121 Receivables turnover increased from 4.14 turns in 2017 to 5.22 in 2018 and the days' sales in receivables decreased by 18 days It was a positive sign when the number of days that the company got back its receivables reduced However, the ratio then dropped considerably and hit the 5-year low of 0.55, leading to soaring in the day’s sales in receivables Specifically, the time VJA needed to receive debts from customers rose from 70 days in 2018 to nearly years (659 days) in 2021, signaling a rather negative of receivables ability 32 Figure 17 Receivables turnover and Day's sales in receivables of VJA 2017-2021 VJA The reason for that bad situation could be because of the impact of the Covid-19 pandemic, which decreased the demand for air travel and eventually led to a great decline in VJA’s net sales Overall, the receivables turnover of VJA significantly decreased after 2018, which showed that the company's receivable debt ability fell in this period 33 As can be seen from the chart, over the last 5-year period, VJA’s receivables turnover was lower many times than VNA’s Hence, the days' sales in receivables of VJA were higher than that of VNA Especially, the years 2020 and 2021 witnessed wide disparities among days’ sales in receivables between the two companies (the figures for VJA were higher than the figures for VNA over 12.5 times) This Figure 18 Receivables turnover and Day’s sales in receivables of VJA and shows that the debt collection VNA 2017 - 2021 process of VJA was less efficient than that of VNA for the given period, especially during the pandemic period VI.3.3 Fixed asset turnover Calculation unit: million VND 2017 2018 2019 2020 2021 Net sales 42,302,573 53,577,241 50,602,936 18,220,293 12,874,920 Average net fixed asset 1,287,970 1,587,547 1,475,399 1,077,460 1,004,474 Fixed Asset Turnover 32.84 33.75 34.30 16.91 12.82 Figure 19 Fixed asset turnover ratio of VJA 2017 - 2021 As you can see in this line chart, the fixed asset turnover ratio of VJA makes up a large percentage (about 33%) from 2017 to 2019 One year later this ratio dropped to 16.91% and reached a low point in 2021 with 12.82%, bringing about the significant decrease of net sales under the impact of Covid-19 Compared to VNA, VJA still experiences a higher turnover ratio, indicating greater efficiency in managing fixedasset investments, but its own historical ratios have a dramatical fall under the impact of Covid-19 However, with the Post-Covid-19 recovery and social adaptation, we 34 can promise a recovery future for the Vietnam Aviation industry in 2022 VI.3.4 Total asset turnover 2017 2018 Figure 20 Fixed asset turnover ratio of VJA and VNA 2017 - 2021 2019 2020 2021 Net sales 42,302,573 53,577,241 50,602,936 18,220,293 12,874,920 Total assets 31,658,264 39,086,178 48,858,753 45,196,829 51,653,703 1.34 1.37 1.04 0.40 0.25 Total asset turnover The total asset turnover ratio measures the value of a firm’s sales relative to the value of its total assets For example, with every VND of assets, there were 1.34 VND in revenue generated in 2017 As can be seen from the table, there is a fluctuation in the total asset turnover of VJA, which rose slightly to 1.37 in Figure 21 Total asset turnover of VJA 2017-2021 2018 and decreased steadily and reached 0.25 at the end of 2021 This ratio of VJA in 2017-2021 was not too high to conclude that the company is using total efficient property There are ways that could help VJA get higher total asset turnover: Improve revenue, liquidate assets and improve efficiency From 2017 to 2018, total asset turnover of VJA was higher than VNA’s However, during 2018-2019 the figures for VJA and VNA intersected at 1.22 and then VNA surpassed its competitor in the next years, which means VNA could be more efficient in generating revenues from its assets than VJA Figure 22 Total asset turnover of VJA and Total asset turnover of VNA 35 VI.4 Profitability ratios VI.4.1 Profit margin 2017 2018 2019 2020 2021 Net income 5,073,651 5,335,090 3,807,345 68,665 79,659 Net sales 42,302,573 53,577,241 50,602,936 18,220,293 12,874,920 11.99% 9.96% 7.52% 0.38% 0.62% Profit margin Profit margin represents what percentage of sales has turned into profits For example, in 2017, VJA ’s profit margin is 11.99%, this means that it had a net income of 11.99 VND for each VND of sales generated It can be seen from the chart that VJA’s profit margin decreased yearto-year In the beginning, it reached a peak of 11.99% in 2017 and then Figure 23 Profit margin of VJA 2017-2021 (%) declined sharply to only 0.38% in 2020 The main reason for this problem is the outbreak of the Covid-19 pandemic, which had a serious impact on VJA and the aviation industry in general Until 2021, when the Covid-19 pandemic showed positive signs, VJA’s profit margins witnessed a slight growth of 0.62%, nearly double to the figure for 2020 To improve the profit margin, VJA can: Increase revenue and Figure 24 Profit margin of VJA and Profit margin of VJA reduce unnecessary expenses From 2017 to 2019, the profit margin of VJA was always lower than VNA Nevertheless, with the appearance of the Covid-19 pandemic, VNA's data experienced a sharp decrease to 36 -4726.72% while VJA maintained stability with a positive profit margin ratio, leading to the conclusion that VJA succeeded in managing in the crisis period (2019-2021) VI.4.2 ROA (Return on assets) 2017 2018 2019 2020 2021 Net income 5,073,651 5,335,090 3,807,345 68,665 79,659 Total assets 31,658,264 39,086,178 48,858,753 45,196,829 51,653,703 16.03% 13.65% 7.79% 0.15% 0.15% ROA Return on assets indicates a company's profitability in relation to its total assets ROA can be used to determine whether a company uses its assets efficiently to generate a profit For instance, every VND that VJA invested in assets generated 16.03 VND of net income in the year of 2017 Generally, ROA of VJA witnessed a sharp decline during the 5-year period With 16.03% of ROA in the beginning, this figure decreased slightly in 2018 In the next years, it continued to decline dramatically to only 0.15% We can come to a conclusion that VJA might have over-invested in assets that have failed to produce revenue growth Besides, the outbreak of Covid-19 is one of the main reasons causing a drop in net income, leading to a drop in ROA VJA can implement ways to raise its ROA: Increase net income and manage both current and non-current assets Figure 25 Return on assets of VJA 2017-2021 (%) Figure 26 ROA of VJA and ROA of VNA 2017 - 2021 However, VJA still remained a positive ROA during the 5-year period despite the outbreak of the Covid-19 pandemic, while VNA witnessed a negative percentage in 2020 and 2021 37 Besides, VJA’s average ROA in years is 7.554%, which doubled this data of the aviation industry (at 3.73%) It is obvious that VJA utilized assets more efficiently than its competitor, helping VJA quickly recover from the Covid-19 pandemic VI.4.3 ROE (Return on Equity) 2017 2018 2019 2020 2021 Net income 5,073,651 5,335,090 3,807,345 68,665 79,659 Total equity 10,594,135 14,038,503 14,902,832 14,978,399 16,854,210 47.89% 38.00% 25.55% 0.46% 0.47% ROE ROE is a measure of the profitability of a business in relation to equity ROE measures how many VND of profit are generated for each VND of shareholder's equity For instance, every VND of shareholder’s equity generated 47.89 VND of net income in the year of 2017 Similarly, ROE also experienced a dramatic decline year-to-year In 2017, ROE was the highest, at 47.89% However, it began to fall sharply to 0.46% when the Covid-19 pandemic appeared and hit the bottom of 0.47% in 2021 VJA can improve ROE by: use more financial leverage, increase profit margin as well as increase sales, improve asset turnover Figure 27 Return on equity of VJA 2017-2021 (%) Figure 28 ROE of VJA and ROE of VNA 38 In comparison with VNA, VJA continued to show advantage over its competitors as well as aviation industry when VJA always maintained a positive ROE through years Whereas this figure for VNA dropped deeply to -2462.20% in 2021, the average ROE of the industry is -23.39% VI.5 Market value ratios: VI.5.1 EPS Earnings per share (EPS) is calculated as a company's profit divided by the outstanding shares of its common stock EPS (thousand VND) 2017 2018 2019 2020 2021 11.36 9.85 7.11 0.13 0.14 Figure 29 EPS of VJA 2017-2021 (thousand VND) The figure illustrates that EPS of VJA lost momentum and plummeted to its rock bottom from 11.36 thousand VND in 2017 to 0.14 thousand VND in 2021 39 Figure 30 EPS of VJA and EPS of VNA 2017-2021 (thousand VND) It is clear that EPS of VJA was by far highest than EPS of VNA from 2017 to 2021 Therefore, VJA shows its advantage over VNA when VJA always maintained a positive EPS By contrast, this figure for VNA always remained at a lower level, even negative in the period 2020-2021 Because of the covid-19 epidemic, the core activity of transporting passengers was suspended due to social distancing, causing the company's revenue to hit the bottom (0.13 thousand VND in 2020 and 0.14 thousand VND in 2021) The company can only earn revenue through the transportation of goods or some other activity VietJet should increase sale to improve EPS Specifically, in 2022, when the Covid-19 epidemic has been controlled, VietJet needs to promote its core activity again that brings in its main source of income, which is air transport, especially, still transporting customers VI.5.2 Price/earning ratio Price/earning ratio is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS) 2017 2018 2019 2020 2021 Price per share (thousand VND) 146.77 120 146.18 125 128.3 EPS (thousand VND) 11.36 9.85 7.11 0.13 0.14 Price/earning ratio 12.92 12.18 20.56 961.54 916.43 40 Figure 31 Price/earning ratio of VJA 2017-2021 The chart shows price/earning ratio of VJA saw almost no change between 2017 and 2019, but later went up sharply and reach a peak of 961.54 in 2020 before having a slight dip to 916.43 in 2021 Figure 32 Price/earning ratio of VJA and Price/earning ratio of VNA 2017-2021 From 2017 to 2019, price/earning ratio of VJA and VNA have no significant difference But after 2019, price/earning ratio of VJA saw a dramatic increase and showed an outstanding distance to VNA It can be seen that EPS plummeted in 2020, 2021 has made price/earning ratio dramatically increased to previous years This shows that the Covid-19 epidemic has affected the company's core revenue, which is air transport, leading to a high price/earning ratio VI.5.3 Market - to - book ratio 2017 2018 2019 2020 2021 Market value per share (thousand VND) 146.77 120 146.18 125 128.3 Book value per share (thousand VND) 23.472 25.920 28.449 28.594 31.119 6.25 4.63 5.14 4.37 4.12 Market-to-book ratio 41 Figure 33 Market-to-book ratio of VJA 2017-2021 Market-to-book ratio of VJA fluctuated between approximately to roughly over the period of years starting from 2017 Figure 34 Market-to-book ratio of VJA and Market-to-book ratio of VNA 2017-2021 The similar trend of price/earning ratio, market-to-book ratio of VJA and market-to-book ratio of VNA have no significant change from 2017 to 2020 But after 2020, market-to-book ratio of VNA increased sharply and created a long distance to VJA In general, the market-to-book ratio of VJA is stable, but there is a large gap compared to VNA in 2020 and 2021 This is due to the impact of the covid-19 epidemic leading to flight restrictions, VietJet cannot promote its core activity of air transport In 2022, the epidemic 42 has been controlled, so VietJet should take advantage of its strength in customer transportation 43 CONCLUSION After understanding VietJet Aviation Joint Stock Company’s business planning platform as well as analyzing its financial statements, we could identify company’s current situations and use financial ratios to guide the company's financial health As a result, we can make decisions to navigate the company better in the future Based on financial ratios, we would like to give some recommendations in details for VJA: Increase sales: With the positive effects of the market after the pandemic, VJA can increase the demand of customers, especially domestic customers by: o Implement a lot of promotion strategies, such as sale off, o Engage more in promotional activities through advertisements o Continuing to cooperate with international air to expand the area to meet customers' destinations to increase the number of passengers transported, leading to rise in revenue o Attract customers with new products and services that are more convenient and functional Manage assets and Improve Efficiency: o Have deeply analyzed each property's performance to find the low performance to get rid of them o Examine the ways all of the fixed assets are being used and improve the output you get from those assets Sell Assets: o VJA could improve the fixed asset turnover ratio by selling any fixed assets that not improve the bottom line on a regular basis Lease equipment to make up for the sold assets Leased equipment does not count as a fixed asset 44 o Obsolete assets should be sold quickly as they are of no use to the contribution to sales REFERENCE ASEAN: Number of international airports by country (n.d.) Statista Retrieved November 2022, from https://www.statista.com/statistics/1009338/asean-number-internationalairports-by-country/ Hạnh L (2018, February 6) Chiến lược marketing Vietjet Air số ấn tượng MarketingAI https://marketingai.vn/chien-luoc-marketing-cua-vietjet-air/ NLD.COM.VN (2020, January 11) Việt Nam có máy bay? https://nld.com.vn https://nld.com.vn/news-20200111110634703.htm Sharma, R (2019, November 19) Vietnam Aviation Industry Research Report & Future Outlook Vietnam Insider https://vietnaminsider.vn/vietnam-aviation-industryresearch-report-future-outlook/ Tổng quan ngành | Dữ liệu index ngành, số tài ngành (n.d.) Retrieved November 2022, from https://www.stockbiz.vn/IndustryOverview.aspx?Code=5751 Trang thông tin dành cho nhà đầu tư Vietjet (n.d.) Retrieved November 2022, from https://ir.vietjetair.com/Home/Menu/audited-financial-reports Vietjet Air (n.d.) Retrieved November 2022, from https://s3.ap-southeast1.amazonaws.com/apps.vietjetair.com/irnews/annual-report-2020/index.html Vietjet Launches “Love Connection – Love Is Real Touch” The Biggest Program Of The Year (n.d.) Retrieved November 2022, from https://www.vietjetair.com/en/news/news-1600227436778/vietjet-launches-loveconnection-love-is-real-touch-the-biggest-program-of-the-year-1610349834750 Vietnam-2020-–-Aviation-Sector-Briefing.pdf (n.d.) Retrieved November 2022, from https://britchamvn.com/wp-content/uploads/2020/12/Vietnam-2020-%E2%80%93Aviation-Sector-Briefing.pdf VJC: Công ty cổ phần Hàng không VietJet | Tin tức liệu doanh nghiệp (n.d.) CafeF.Vn Retrieved November 2022, from http://s.cafef.vn/hose/VJC-cong-ty-cophan-hang-khong-vietet.chn 45 INDIVIDUAL CONTRIBUTION EVALUATION No Student Name Tran Dinh Dinh Le Thi Khanh Ha Ho Nguyen Ngoc Dinh Thi Phuong Thao Tran Thi Them Individual duties - Content & slide: Part I, VI - Image List - Content & slide: Part III, VI - Format word, table of contents - Content & slide: Part V, VI - Format slide - Content & slide: Part IV, VI - Design cover, reference - Content & slide: Part II, VI - Table lists Evaluation Good attitude, on time Good attitude, on time Good attitude, on time Good attitude, on time Good attitude, on time % Contribution 100% 100% 100% 100% 100% 46 ... 45,196,829 51,653,703 Volatility of (1) - 7.98% 28.19% 3.78% 5.84% Volatility of (2) - 43.01% 21.96% -18.79% 25.10% Volatility of (3) - 23.46% 25.00% -7.49% 14.29% (1) / (3) 55.81% 48.81% 49.94% 56.16%... VJA and VNA 2017 - 2021 businesses in the passenger aviation industry often borrow and finance lease debt to finance their aircraft to operate VI.2.2 Debt/equity ratio From 2017 to 2021, VJA’s debt/equity... ngành (n.d.) Retrieved November 2022, from https://www.stockbiz.vn/IndustryOverview.aspx?Code=5751 Trang thông tin dành cho nhà đầu tư Vietjet (n.d.) Retrieved November 2022, from https://ir.vietjetair.com/Home/Menu/audited-financial-reports