(TIỂU LUẬN) COURSES FINANCIAL MANAGEMENT TOPIC FINANCIAL STATEMENTS OF VIETJET AIR JOINT STOCK COMPANY

UNIVERSITY OF TECHNOLOGY AND EDUCATION FACULTY FOR HIGH QUALITY TRAINING  COURSES: FINANCIAL MANAGEMENT TOPIC: FINANCIAL STATEMENTS OF VIETJET AIR JOINT STOCK COMPANY LECTURERS: NGUYỄN THỊ LAN ANH STUDENTS STUDENT ID HÀ THỊ NGỌC ANH : 19124002 PHẠM THỊ NGỌC GIÀU : 19124067 TRẦN THỊ NGỌC TRÀ : 19124004 NGUYỄN THỊ TÚ VY : 19124003 HO CHI MINH 2021 UNIVERSITY OF TECHNOLOGY AND EDUCATION FACULTY FOR HIGH QUALITY TRAINING  -JOB BOOKING SCHEDULE Major: Industrial Management Course: 2019 School year 2021 – 2022 Group: Class: 19124CLA NO NAME STUDENT’S ID MISSION COMPLETION RATE HÀ THỊ NGỌC ANH 19124002 BALANCE SHEET 100% PHẠM THỊ NGỌC GIÀU 19124067 INCOME SHEET 100% TRẦN THỊ NGỌC TRÀ 19124004 CASH FLOW STATEMENT 100% NGUYỄN THỊ TÚ VY 19124003 FINANCIAL INDICATORS 100% TABLE OF CONTENTS PREAMBLE CHAPTER OVERVIEW OF VIETJET AVIATION JOINT STOCK COMPANY 1.1 Overview of Vietjet Aviation Joint Stock Company 1.2 Line of business CHAPTER ANALYSIS OF FINANCIAL STATEMENTS OF VIETJET AVIATION JOINT STOCK COMPANY 2.1 Data source for analyzing financial statements of Vietjet Aviation Joint Stock Company 2.2 Analysis of balance sheet: 2.2.1 Analysis of the situation of asset fluctuations: 2.2.1.1 Horizontal analysis: 2.2.1.2 Vertical analysis: 26 2.2 Analysis the situation of capital fluctuations: 29 2.2.2.1 Horizontal analysis: 31 2.2.2.2 Vertical analysis: 40 2.3 Analysis of Income sheet: 45 2.3.1 Horizontal analysis: 45 2.3.1.1 Gross Revenues from Sales and Services Rendered: 48 2.3.1.2 Net profit from operating activities: 52 2.3.1.3 Results from other activities: 54 2.3.1.4 Earnings before interest and taxes: 57 2.3.1.5 Profits After Enterprise Income Tax: 58 2.3.2 Vertical analysis: 61 2.4 Analysis Statements of Cash Flows: 64 2.4.1 Net Profits from Operating Activities 65 2.4.1 Cash Flow from Investing Activities: 70 2.4.2.1 Horizontal analysis: 70 2.4.2.2 Vertical analysis: 72 2.4.3 Cash Flow from Financing Activities 75 2.5 Analysis of financial ratios: 77 2.5.1 Analysis Liquidity Ratio: 78 2.5.1.1 Liquidity ratio: 78 2.5.1.2 Analysis quick ratios: 82 2.5.1.3 Analysis Cash Ratio: 84 2.5.2 Analysis Solvency: 86 2.5.2.1 Total-Debt-to-Total-Assets Ratio: 86 2.5.2.2 Debt to equity ratio: 88 2.5.2.3 Times interest earned Ratio: 90 2.5.3 Analysis activity ratios: 91 2.5.3.1 Asset turnover ratio: 91 2.5.3.2 Fixed asset turnover: 92 2.5.3.2 Inventory Turnover: 93 2.5.4 Profitability index analysis: 94 2.5.4.1 Return on Sales (ROSA) 96 2.5.4.2 Return on Assets (ROAA): 99 2.5.4.3 Return on Equity (ROEA): 101 2.5.4.4 Return on capital employed (ROCE): 104 2.5.4.5 Correlation analysis of P/E and EPS: 107 CHAPTER COMMENTS AND SUGGESTIONS 114 3.1 Comment on financial situation: 114 3.1.1 Comments on the property: 114 3.1.2 Comments on capital sources: 114 3.1.3 Comments on business activities: 114 3.1.4 Comments on solvency: 115 3.2 Recommendations: 115 3.2.1 Recommendations on the company's financial position: 115 CONCLUSION 118 REFERENCES 119 APPENDIX 120 APPENDIX 121 APPENDIX 123 TABLE LIST Table 2.1 Balance sheet Table of vertical asset movements from the first quarter of 2019 to the second quarter of 2021 26 Table 2.2.2.1 The situation of capital fluctuations from quarter I/2019 to quarter II/2021 30 Table: Movement of vertical capital from the first quarter of 20129 to the second quarter of 2021 40 Table of data analyzing business results from the first quarter of 2019 to the second quarter of 2021 45 Table Business Ratio Analysis 51 Table “Results from other activities from quarter I/2019 to quarter II/2021” 54 Table Vertical analysis of business results from the first quarter of 2019 to the second quarter of 2021 61 Table 2.9 Summary of cash flow statement for the period from the first quarter of 2019 to the second quarter of 2021 64 Table 2.10 Cash Flow Ratio Analysis: 66 Table 2.11 Cash Flow Analysis 69 Table Component breakdown of net cash flows from vertical investing 74 Table 2.13 Analysis of financial indicators 77 Table 2.14 Liquidity Ratio of companies in the same industry 80 Table 2.15: quick ratios off the capabilities of peers 82 Table 2.16 Cash Ratio off the capabilities of peers 84 Table of debt to equity ratio compared to peers in the same industry 89 Table Profitability Index 95 Table Return on Sales (ROS) compared to companies in the same industry 97 Table Return on total assets ROA compared to companies in the same industry 100 Table Return on Equity ROE compared to peers in the same industry 103 Table EPS ratio compared to other companies in the same industry 112 LIST OF CHARTS Graph 2.1 Changes in assets of Vietjet from the first quarter of 2019 to the second quarter of 2021 Graph 2.11 "Changes of total capital over the quarters in the period of 2019 - 2021" 31 Graph 2.12 “Changes in liabilities over the quarters for the period of 2019 - 2021” 32 Graph 2.13 "Changes of short-term debt over the quarters in the period of 2019 - 2021" 34 Graph 2.14 “Changes of long-term liabilities over the quarters 2019 - 2021” 36 Graph 2.16 “The situation of vertical capital fluctuations in the period from the first quarter of 2019 to the second quarter of 2021” 42 Graph: The situation in gross profit between quarters in the period of 2019-2021 48 Graph “The fluctuation of net profit between quarters in the period of 2019-2021” 52 Graph earnings before interest and taxes 57 Graph Profits After Enterprise Income Tax: 58 Graph Net Profits from Operating Activities 65 Graph “Cash flow fluctuations from investment activities in the first quarter of 2019 to the second quarter of 2021” 70 Graph of Cash Flow Analysis from quarter I/2019 to quarter II/2021 72 Graph 2.22 Cash flow structure from the first quarter of 2019 to the second quarter of 2021 75 Graph 2.23 Changes in liquidity ratio, quick ratio, and instant ratio in the period of 2019 2021 of Vietjet 78 Graph 2.24: Changes Liquidity Ratio between 2019 and 2021 of Vietjet and Vietnam Airlines 81 Graph 2.25 Changes in quick ratio 2019 – 2021 of Vietjet and Vietnam Airlines 83 Graph 2.26 Fluctuations in cash Ratio 2019 – 2021 of Vietjet and Vietnam Airlines 85 Graph "The volatility of long-term debt solvency ratios for the period of 2019 - 2021" 86 Table "Total-Debt-to-Total-Assets Ratio of companies in the same industry" 87 Graph Total-Debt-to-Total-Assets Ratio of companies in the same industry 87 Graph Debt-to-equity ratio compared to companies in the same industry 90 Graph Times interest earned Ratio compared to companies in the same industry 90 Graph of Vietjet's asset turnover from the first quarter of 2019 to the second quarter of 2021 91 Graph The chart of fixed asset turnover of Vietjet from quarter I/2019 to quarter II/2021 92 Graph The chart of Vietjet's inventory turnover from the first quarter of 2019 to the second quarter of 2021 93 Graph Profitability Index 96 Graph Return on Sales (ROS) compared to companies in the same industry 98 Graph Return on total assets ROA compared to companies in the same industry 101 Graph P / E system number compared with companies in the same industry 111 Graph EPS ratio compared to other companies in the same industry 113 LIST OF ACRONYMS ROS Return On Sales ROA Return on total assets ROE Return On Equity ROC Rate of Change PE Price to Earning Ratio EPS Earning Per Share VJC Vietjet Air HVN Vietnam Airline QOQ Quarter on Quarter YOY Year On Year 10 1,527,101,145,475 VND in the second quarter of 2020 was -2,001,770,696,222 VND until the third quarter of 2020 reached -1,395,967,643,134 VND, the situation improved gradually at the end of the fourth quarter of 2020 with - 334,694,259,294 VND The value level gradually improved but remained negative in the first quarter of 2021 - VND 383,977,918,943 and gradually increased in the second quarter of 2021 to VND 2,689,943,414,895 - General comments on the company's cash flow position: In 2019, the company's cash source focused on business and investment activities 2020 When the cash flow of the air transport business declines, Vietjet Air decided to transfer the investment portfolio and some assets accumulated in the previous period to focus capital, cash and nurture resources to recover when aviation bounces back up In 2021, the first quarter of 2021 has prospered again after the outbreak, but in the second quarter of 2021, the epidemic situation began to develop complicatedly, so the company's capital had many fluctuations 76 2.5 Analysis of financial ratios: Table 2.13 Analysis of financial indicators Quarter 1-2019 Quarter 2-2019 Quarter 3-2019 Quarter 4-2019 Quarter 1-2020 Quarter 2-2020 Quarter 3-2020 Quarter 4-2020 Ability to pay shortterm deb 1.204838826 1.232658957 1.226785198 1.408347086 1.288283415 1.414198965 1.129661788 1.166891393 The ability to pay quickly 1.177337398 1.199280462 1.192086339 1.37219125 1.248495994 1.370822433 1.09560345 1.134186999 Instant payment ability 0.323261049 0.288391018 0.186468144 0.321383222 0.142505607 0.13758679 0.115155849 0.145524052 Ability to pay shortterm deb 77 2.5.1 Analysis Liquidity Ratio: Graph 2.23 Changes in liquidity ratio, quick ratio, and instant ratio in the period of 2019 - 2021 of Vietjet Ability to pay short-term deb of Vietjet 1.5 0.5 Quarter 1-2019 Quarter 2-2019 Quarter Quarter Quarter Quater 2- Quarter Quarter 3-2019 4-2019 1-2020 2020 3-2020 4-2020 Ability to pay short-term deb The ability to pay quickly Quarter Quarter 1-2021 2-2021 Instant payment ability (Source: Table 2.13 Analysis of financial indicators) 2.5.1.1 Liquidity ratio: Through the data table, we see that the short-term solvency of the second quarter of 2021 is 1.65, which means that for every dong of short-term debt, it will be paid by 1.65 dong of short-term assets Compared to the same period in 2020- specifically, the second quarter of 2020 was 1.41, the second quarter of 2021 was 0.24 higher, or 17.02%, and when compared to the second quarter of 2019 it was 1.23, it was 0.42 higher, or 34.14% The reason is that short-term assets tend to increase and reach the highest value in the second quarter of 2021 while liabilities tend to increase and decrease unevenly and decrease suddenly in the second quarter of 2021 (with an increasing trend) From the first quarter of 2020 to the first quarter of 2021, it increased by VND 4,896 billion, but in the second quarter of 2021, it decreased by VND 5,148 billion compared to the first quarter of 2021 The company's short-term debt solvency has a coefficient greater than 1, this is due to the steady growth of short-term assets but uneven short-term debt, in the second quarter of 2019-2021, the debt Short-term trend is down In the second quarter of 2021, shortterm liabilities were about 17,005 billion VND, compared to the same period last year - the second quarter of 2020 was about 17,542 billion VND, down 536.929 million 78 VND, equivalent to -3.06%, compared to the second quarter of 2019 reached about 18,258 billion VND VND, the second quarter of 2021 decreased by about 1,252 billion, equivalent to -6.58% The reduction of short-term liabilities shows that the company has a good financial balance and a reasonable policy in paying short-term debts 79 Table 2.14 Liquidity Ratio of companies in the same industry Ability to pay short-term deb Unit Quarter 1-2019 Qu 2-2019 Quý 3-2019 Quý 4-2019 Quý 1-2020 Quý 2-2020 Ability to pay short-term deb of Vietjet Time 1.204838826 1.232658957 1.226785198 1.408347086 1.288283415 1.414198965 1.129661788 1.16689 Ability to pay short-term deb of Vietnam Airline Time 3.09963991 2.877074818 4.119843545 3.77853796 6.042944736 4.63682103 3.62553859 5.2292 80 Quý 3-2020 Quý Graph 2.24: Changes Liquidity Ratio between 2019 and 2021 of Vietjet and Vietnam Airlines Ability to pay short-term deb of Vietjet and Vietnam Airline Quarter 1-2019 Quarter 2-2019 Quarter Quarter 3-2019 4-2019 Quarter Quater 2- Quarter 1-2020 2020 3-2020 Ability to pay short-term deb of Vietjet Quarter 4-2020 Quarter 1-2021 Quarter 2-2021 Ability to pay short-term deb of Vietjet (Source: Table Liquidity Ratio of companies in the same industry) Based on Table 2.14, Vietjet's short-term debt solvency compared to Vietnam Airlines is different The ability to pay the short-term debt of Vietnam Airlines is much higher than that of Vietjet Specifically, in the second quarter of 2021, Vietnam Airlines reached 6.36, higher than the second quarter of 2021 of Vietjet 4.71, accounting for 58.36% Thereby, it can be seen that Vietjet's short-term debt solvency is lower than other companies in the same industry, and its financial strength is lower, but it is not caused by a decrease in short-term assets but due to the uneven increase and decrease of short-term debt Besides, the high short-term debt solvency of Vietnam Airlines is due to the lower short-term debt and decreasing over the quarters Specifically, in the second quarter of 2021, Vietjet's short-term assets were 3.5 times higher than that of Vietnam Airlines, but the short-term debt was 17 times higher, leading to Vietjet's shortterm debt solvency being much lower than that of Vietnam Airline Looking at chart 2.24, we can see the volatility, the change in short-term debt solvency of Vietnam Airlines fluctuates unevenly while Vietjet tends to be quite stable, but in general, both have a tendency to change The trend of increasing short-term debt solvency in particular in the second quarter of 2021 reached the highest figure in all quarters 81 2.5.1.2 Analysis quick ratios: Table 2.15: quick ratios off the capabilities of peers The ability to pay quickly Unit Quarter 1-2019 Quarter 22019 Quarter 32019 Quarter 42019 Quarter 12020 Quarter 22020 Quarter 32020 Q The ability to pay quickly of Vietjet Time 1.177337398 1.199280462 1.192086339 1.37219125 1.248495994 1.370822433 1.09560345 1.1 The ability to pay quickly of Vietnam Airline Time 2.62729318 2.427341091 3.474596913 3.066697142 5.010999709 3.704414982 2.873224039 4.1 82 Graph 2.25 Changes in quick ratio 2019 – 2021 of Vietjet and Vietnam Airlines The ability to pay quickly of Vietjet and Vietnam Airline Quarter 1- Quarter 2- Quarter 3- Quarter 4- Quarter 1- Quater 2- Quarter 3- Quarter 4- Quarter 1- Quarter 22019 2019 2019 2019 2020 2020 2020 2020 2021 2021 The ability to pay quickly of Vietjet The ability to pay quickly of Vietnam Airline (Source: Table quick ratios off the capabilities of peers) According to the total data table, Vietjet's quick ratio is very slightly different from the shortterm debt ratio and the chart fluctuations are similar to the short-term ratio The reason is that inventory accounts for very little in short-term assets, the reason is that Vietjet is an air transportation company, transporting goods and providing consumer demand for goods and services through applications With e-commerce technology, the inventory is almost minimal Vietjet's quick solvency ratio in the first quarter of 2019 is 1.17, which means that every dong of short-term debt will be guaranteed by 1.17 dong of short-term assets The quick ratio of the second quarter of 2021 reached 1.6, the highest in all quarters from 2019 to the first quarter of 2021 The reason is that short-term assets tend to increase and reach VND 28,112 billion - the highest in the second quarter of 2021 From that, it can be seen that the company's ability to convert short-term assets into cash is quite stable, with little risk When comparing the quick payment ability between Vietjet and Vietnam Airlines, similar to the ability to pay the short-term debt, the quick payment ability of Vietnam is much higher than that of Vietjet The reason is the same as mentioned before because the fluctuation between short-term accounts and short-term debts of Vietnam Airlines tends to decrease gradually, while short-term liabilities are quite low and inventories account for very little in assets Short-term 83 2.5.1.3 Analysis Cash Ratio: Table 2.16 Cash Ratio off the capabilities of peers Instant payment Unit Quarter 12019 Quarter 22019 Quarter 32019 Quarter 42019 Quarter 12020 Quarter 22020 Quarter 32020 Quarte 202 Instant payment of Vietjet Time 0.323261049 0.288391018 0.186468144 0.321383222 0.142505607 0.13758679 0.115155849 0.14552 Instant payment of Vietnam Airline Time 8.508599115 8.049301366 11.86935105 11.42894978 22.28259022 21.24525326 21.29472673 34.5043 84 Graph 2.26 Fluctuations in cash Ratio 2019 – 2021 of Vietjet and Vietnam Airlines Instant payment of Vietjet and Vietnam Airline 60 50 40 30 20 10 Quarter 1- Quarter 2- Quarter 3- Quarter 4- Quarter 1- Quater 2- Quarter 3- Quarter 4- Quarter 1- Quarter 22019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Instant payment of Vietjet Instant payment of Vietnam Airline (Source: Table Cash Ratio off the capabilities of peers) Observing the tables and graphs, we see that Vietjet's instant solvency index is at a low level, the highest is only 0.32 in the first quarter of 2019, thereby showing that Vietjet's solvency is assessed as unsolvable concerned, did not make good use of cash for short-term loans, and had difficulty paying debts Comparing the volatility of the instant payment ability of Vietjet and Vietnam Airlines, the difference is quite large We can see that the instant payment ability of Vietnam Airlines is higher than that of Vietjet, specifically ranging from about to 49, and tends to increase gradually, reaching the highest level in the second quarter of 2021 Meanwhile, Vietjet's instant payment ability is quite low and does not fluctuate much, specifically from 0.1 to 0.3 can be seen in chart 2.26 Vietjet's instant payment ability is a straight line and lies only near zero and reached the lowest level in the second quarter of 2021 with the figure of 0.09, showing that Vietjet is having difficulty paying its debts - General comments on the company's ability to pay short-term debt: Vietjet's ability to pay short-term and quick payments is lower than that of other companies in the same industry, but tends to be more stable But the immediate ability to repay debt is low In case of urgent need for money, many debts are due at the same time, the company responds well in managing cash to be able to pay quickly but it is difficult to pay immediately 85 This is not a very good sign, the company needs to maintain and focus on ensuring short-term investments to generate income from abundant cash, and at the same time, it needs to make sure to continue to make good use of the abundant cash source to generate income generate surplus value for the company 2.5.2 Analysis Solvency: Graph "The volatility of long-term debt solvency ratios for the period of 2019 - 2021" LONG-TERM LIABILITY ON LONG-TERM DEBT 90 80 70 60 50 40 30 20 10 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Debt to Total Assets Ratio Q3-2020 Q4-2020 Q1-2021 Q2-2021 Debt to Equity Ratio (Source: Compilation author) 2.5.2.1 Total-Debt-to-Total-Assets Ratio: Based on the chart " Solvency, we see that the ratio of liabilities to total assets in the second quarter of 2021 is 65.02%, which means 65.02% of the company's asset value is supported by debt and the company's debt accounted for 65.02% of total assets Compared to the same period in 2020, the second quarter of 2020 has a debt ratio of 69.02%, which is 4% higher than in the second quarter of 2021 As for the second quarter of 2019 it is 64.86% compared to the second quarter of 2021, 0.16% lower The reason is that the reduction in total amount shows that the company is managing its capital well The ratio of payables to total assets of Vietjet is both higher than 60 and lower than 80 figures, although, at a high level, this proves that the company is making good use of financial leverage and is still ensuring its liquidity debt repayment for investors as well as ensuring the 86 autonomy of corporate finance The company's total liabilities in the first quarter of 2019 were VND 10,108,609,854,655 until the second quarter of 2021, the total liabilities were about VND 13,236,235,007,229, although the debt level increased, it can be answered that the epidemic situation has caused a strong impact and impact strongest in the aviation industry It can be seen that due to the service business, the company has been affected a lot by longterm loans Table "Total-Debt-to-Total-Assets Ratio of companies in the same industry" Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 62.53 64.86 65.59 67.83 70.68 69.02 69.14 68.19 69.2 65.02 45.35 50.27 62.32 77.2 75.57 65.57 74.58 76.62 75.65 69.19 Debt to Total Assets Ratio Debt to Equity Ratio (Source: Compilation author) Graph Total-Debt-to-Total-Assets Ratio of companies in the same industry Total-Debt-to-Total-Assets Ratio 120 100 80 60 40 20 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Debt to Total Assets (vjc) Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Debt to Total Assets (HVN) (Source: Compilation author) 87 Based on the table, there is not a big difference between Vietjet's liabilities to total assets compared to Vietnam Airlines Vietjet's liabilities in the second quarter of 2021 is 65.02%, about 39.47% lower than Vietnam Airlines with a long-term liabilities index of 104.49% In general, compared to the same quarter of the same period of years, Vietjet is still lower than Vietnam Airlines And in general, it can be seen that the two companies not have much fluctuation in their ability to pay long-term debt It can be said that Vietjet is managing well in terms of its ability to pay its long-term debts 2.5.2.2 Debt to equity ratio: In the second quarter of 2021, the ratio of liabilities to total equity is 69.19 times, which means that for each dollar of equity, the company owes 69.19 VND of debt Compared to the same period last year, the second quarter of 2020 with a coefficient of 65.57, the second quarter of 2021 has an increase of about 3.62 times Compared to the second quarter of 2019, it also increased by about 18.92 times The reason is that liabilities have increased over the quarters The ratio of liabilities to total equity has high coefficients all greater than 40 As a rule, the smaller the ratio, the smaller the liabilities compared to the total capital, equivalent to the company will less financial difficulty than a high ratio of liabilities However, such a coefficient can be said that the company has made good use of its financial leverage in using as well as appropriating capital from outside 88 Table of debt to equity ratio compared to peers in the same industry Debt to Total Assets Ratio Debt to Equity Ratio Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 76.29 78.78 76.46 75.66 77.53 82.86 89.4 90.25 195.86 214.34 188.68 171.8 223.12 306.12 530.28 554.5 89 Graph Debt-to-equity ratio compared to companies in the same industry Debt to Equity Ratio 4000 3000 2000 1000 -1000 -2000 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Debt to Equity Ratio (VJC) Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Debt to Equity Ratio (HVN) (Source: Compilation author) Based on data tables and graphs Liabilities to equity ratio is compared to companies in the same industry We find that Vietjet's liabilities to total equity are more stable than the quarterly fluctuation of Vietnam Airlines In the second quarter of 2021, Vietjet has a debt ratio of 69.19 times, which is 1183.83 times higher than that of Vietnam Airlines when Vietnam Airlines has a debt ratio of -1253.02 times in the second quarter of 2021 The reason for the above difference is not because the difference in liabilities of companies is not too large, the main reason is the large difference in equity of the companies 2.5.2.3 Times interest earned Ratio: Graph Times interest earned Ratio compared to companies in the same industry 90 ... ANALYSIS OF FINANCIAL STATEMENTS OF VIETJET AVIATION JOINT STOCK COMPANY 2.1 Data source for analyzing financial statements of Vietjet Aviation Joint Stock Company - Consolidated financial statements. .. activities of the aviation industry in general and Vietjet Air Joint Stock Company in particular Therefore, the writer chooses the topic "Analysis of financial statements of "Vietjet Air Joint Stock Company" ... OVERVIEW OF VIETJET AVIATION JOINT STOCK COMPANY 1.1 Overview of Vietjet Aviation Joint Stock Company Vietjet Air is the first airline in Vietnam operating under the new generation airline model,