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Vietjet: A turnaround profit in 2023

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TTR WEEKLY
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BANGKOK, 16 April 2024: Vietjet released its 2023 audit report last week, indicating a robust expansion of its international flight network and a revenue generation of USD2.16 billion from its transportation business.

Vietjet Aviation Joint Stock Company (HOSE: VJC) reported that its separate air transport revenue and consolidated revenue reached VND53.7 trillion (USD2.16 billion) and VND58.3 trillion (USD2.35 billion), respectively, increasing by 62% and 45% YoY in the order given. 

Vietjet launched the Brisbane – Ho Chi Minh City route.

Pre-tax profit

Notably, the company recorded a turnaround of pre-tax air transport profit and consolidated profit at VND471 billion (USD18.98 million) and VND606 billion (USD24.42 million), respectively.

As of 31 December 2023, Vietjet’s total assets totalled more than VND86.9 trillion (USD3.5 billion). The company’s debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5. Vietjet’s liquidity ratio stood at 1.3, which was within good range of the aviation industry. The cash and cash equivalents balance, as of 31 December 2023, was reported at VND5.051 trillion (USD203.62 million), ensuring the airline’s financial capacity.

In 2023, Vietjet paid approximately VND5.2 trillion (USD209.63 million) of direct and indirect taxes and fees.

Network expansion

Vietjet operated 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally during 2023.

Vietjet launched 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international and 45 domestic routes.

Notable routes included Ho Chi Minh City – Shanghai, Ho Chi Minh City – Vientiane, Hanoi – Siem Reap, Hanoi – Hong Kong, Phu Quoc – Taipei, Phu Quoc – and Ho Chi Minh City/ Hanoi – Jakarta, etc.

Vietjet is also now the largest operator of flights connecting Vietnam to India and Australia, helping promote trade and tourism.

Since early 2024, the airline has further opened a direct route between Hanoi and Sydney, lifting the total number of Vietnam-Australia routes to seven.

It has also commenced flights from Hanoi to Hiroshima (Japan) and Ho Chi Minh City to Chengdu (China), bringing about opportunities to strengthen bilateral tourism and trade. Domestically, Vietjet has inaugurated the new route Hanoi – Dien Bien to take travellers to the historic destination of Dien Bien Phu.

The airline’s average load factor rate reached 87%, and the technical reliability rate was 99.72%. As of 31 December 2023, Vietjet’s fleet consisted of 105 aircraft, including the wide-body A330s.

Chill and wellness Spanish style

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TTR WEEKLY
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SINGAPORE, 11 April 2024: If you are planning a wellness trip that breaks the routine with activities that cleanse the body and mind and connect you with nature, Spain offers boundless opportunities. 

Take a deep breath and find your retreat to achieve the total relaxation you deserve. You can find options inviting you to enjoy a holiday that puts personal care and health first in mountain and inland destinations and by the sea. Unplug in idyllic landscapes with special yoga and pilates retreats, meditation retreats, or mindfulness retreats. There are also more rounded experiences that combine the above with body treatments, massages, spa circuits, coaching, or even healthy eating workshops.

Anti-stress treatments in Mallorca and Menorca

Prioritise taking care of your mind and achieving a state of zen, and choose from the programmes offered by hotels in Mallorca and Menorca, in the Balearic Islands. At establishments focused on agrotourism and promoting habits that improve quality of life, you will find plans that combine anti-stress, detox or slimming treatments with spa, fitness and yoga. 

Listen to yourself in the silence of the Pyrenees

Suppose you must incorporate something more specific, including physiotherapy, injury recovery or nutritional advice, then target your search in the Catalan provinces of Girona and Lleida. In the Alto Ampurdán region, programmes for relaxing exercise, healthy eating, massage, and other rehabilitative experiences tailored to your circumstances or injuries. In the heart of the Catalan Pyrenees, activities on offer include workshops on healthy eating and cooking, yoga and Pilates, emotional intelligence and mindfulness, excursions, spa circuits, physiotherapy and even individual coaching sessions.

In Ordesa and Monte Perdido National Park, in the province of Huesca, Aragon, you can discover projects that have converted old abandoned houses into sustainable ecological spaces for yoga retreats.

Meditation and hiking in the Sierra de Gredos

Another option for meditation retreats in Spain, paired with hiking, is the Sierra de Gredos Regional Park. It is easy to find rural hotels and personal development centres that offer this type of experience, both in the province of Ávila and in the towns and villages of this amazing natural setting in Cáceres, Extremadura. In addition to hatha or vinyasa yoga, you will learn breathing techniques such as pranayama or yoga nidra or conscious sleep.

Relax among waterfalls at the Monasterio de Piedra

If you are one of those people who still isn’t quite sure how meditation fits your lifestyle, check out the Monasterio de Piedra, in Nuévalos, just an hour from Zaragoza, you’ll find many answers. More than 800 years of art, architecture and nature to revel in, with endless walks among its breathtaking waterfalls. The spa hotel, located in a part of the old 13th-century Cistercian monastery from which the complex takes its name, has been declared a historical monument. 

Redes Natural Park, ecotourism wellness

In the heart of Redes Natural Park, which is declared a biosphere reserve, you have a range of eco-tourism options that combine relaxation, leisure, and gastronomy. A plan of therapies and treatments in the mountains with a spa, a sauna and panoramic views.

For the full story on retreats in Spain.

For more on Spain’s travel experiences, visit https://www.spain.info/en/

(Source: Spain Tourism Board – Southeast Asia, Australia & New Zealand).

OUTRIGGER Samui opens Laser tag venue

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TTR WEEKLY
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SAMUI ISLAND, Thailand, 11 April 2024: Nestled on the shores of Lamai Beach, OUTRIGGER Koh Samui Beach Resort unveils its newest offering: a world-class indoor laser tag venue, setting a new benchmark for upscale family entertainment in this captivating tropical paradise.

As the premier and sole indoor laser tag facility on Koh Samui, OUTRIGGER’s laser tag centre promises an unparalleled experience for guests of all ages. Armed with cutting-edge technology, such as infrared-emitting light guns and infrared-sensitive signalling vests, players engage in thrilling battles that test their agility, strategy and marksmanship skills against the backdrop of the resort’s glorious natural surroundings.

“Our goal is to elevate the vacation experience for families visiting Koh Samui,” said OUTRIGGER Koh Samui Beach Resort General Manager Leah Matters. “Our exclusive indoor laser tag venue and many family-friendly amenities ensure that guests can create unforgettable memories together, regardless of the weather.”

OUTRIGGER Koh Samui’s renowned barefoot luxury amenities complement the laser tag’s appeal. The resort caters to every aspect of a beachfront family vacation, from the Coral Kids’ Club to the Edgewater Family Beach Club, four pristine beachfront pools, an exhilarating water slide, and spacious connecting family rooms.

Young guests can also indulge in a dynamic children’s activities programme featuring engaging arts and crafts sessions, lively dance activities and a well-equipped games room with pool tables, air hockey and movies in a state-of-the-art insulated movie room.

The laser tag facility at OUTRIGGER Koh Samui Beach Resort operates from 1000 2200, offering exceptional value at THB350 (USD10) for a five-hour session or THB500 (USD14) per person for a day pass.

Discover the epitome of barefoot luxury, excitement and unforgettable family adventures at OUTRIGGER Koh Samui Beach Resort. Book your stay today at OUTRIGGER.com and immerse yourself in the splendour of this tropical oasis.

Further information. Tel: +66 77 458 560. Email: [email protected]

ABOUT OUTRIGGER KOH SAMUI BEACH RESORT
OUTRIGGER Koh Samui Beach Resort is an elegant, colonial-style resort featuring 146 spacious rooms and suites, all with a private balcony or garden terrace. The resort, located on the shores of Lamai Bay, offers an abundance of recreational activities, such as beachfront swimming pools and waterslides, Muay Thai boxing, yoga, beachfront massage salas, a fitness centre, Coral Kids Club, and a games room. 

ABOUT OUTRIGGER RESORTS & HOTELS
For over 75 years, OUTRIGGER has charted a journey of discovery – expanding from Hawaii to premier resort destinations, including Fiji, Mauritius, Thailand and the Maldives.

(Source: OUTRIGGER Resorts & Hotels)

NH Collection plants flag in South Africa

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TTR WEEKLY
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SINGAPORE, 11 April 2024: Minor Hotels will debut its NH Collection brand in Africa this July after signing an agreement with The Cavaleros Group to manage a hotel in Johannesburg, South Africa.

From 1 July  2024, the group will manage the hotel in Sandton, the financial district of South Africa’s largest city. The 329-key property will first operate as NH Sandton and, following extensive refurbishment, will be rebranded to NH Collection Sandton.

Photo credit: Minor Hotels. (Left) Minor International Chairman William Heinecke and (right) Cavaleros Group CEO Penny Cavaleros.

The property is located approximately 20 km from OR Tambo International Airport. 

Minor International Chairman William Heinecke commented: “We are thrilled to sign this strategic partnership with the Cavaleros Group to launch NH and, soon, NH Collection in South Africa. With it, we will launch our first property in the country. This property will join our growing portfolio of African hotels, where our Anantara, Avani, and Elewana brands are already present. We look forward to a long and fruitful partnership with Penny and the Cavaleros team.”

Minor Hotels currently operates 27 hotels and resorts in eight African countries under its Anantara, Avani, and Elewana Collection brands, and it has a pipeline of future properties.

NH Collection has an existing portfolio of over 90 properties worldwide and can be found in top city locations across Europe and the Americas, with the first properties launched last year in the Middle East, on the Palm Jumeirah in Dubai, and in the Maldives. 

The brand will debut in Asia later this year with the opening of NH Collection Chiang Mai in Thailand. Further properties will launch this year, including in Finland and Qatar.

Taylor Swift shakes up hotel revenue

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TTR WEEKLY
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SINGAPORE, 11 April 2024: Six Taylor Swift concerts hosted in Singapore delivered the highest March average daily rate (ADR) for hotels and pushed revenue per available room (RevPAR) to a new record, according to preliminary data from CoStar.

CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets, released details yesterday measuring Singapore’s hotel performance during March. 

March 2024 (year-over-year % change): 

Occupancy: 79.1% (+5.1%)
Average daily rate (ADR): SGD358.91 (+12.7%)
Revenue per available room (RevPAR): SGD284.03 (+18.5%)

Historically, Q1 and Q2 daily occupancy levels are lower post-Chinese New Year and before events pick up in Q3. The Taylor Swift Eras Tour boosted Singapore hotel occupancy, with the highest daily levels seen during the six-concert dates (2 to 4 and 7 to 9 March). Saturday, 2 March, and Sunday, 3 March, led to Singapore’s hotels reporting occupancy at 92.7% and 92.5%, respectively. 

Overall, the market’s daily occupancy levels were above 70% on all but three days. Swift’s performances also pushed ADR levels as high as SGD438.36 on Saturday, 2 March.

The Eras Tour in Singapore was described as a resounding success, evidenced by several factors outlined in post-tour evaluations.

Standout performance

Sold-out shows: All six nights at the National Stadium were completely sold out, indicating high demand and enthusiastic fan response.
Ticket sales alone were estimated to generate around SGD75.2 million (USD54.9 million).

Critical acclaim: Reviews highlighted the tour’s impressive production value, masterful setlists spanning her career, and energetic performances.

Social media buzz: The concerts generated significant online discussions, with fans sharing their experiences and praising the show on platforms such as YouTube and popular social media channels.

Economic impact: The tour likely brought a significant economic boost to Singapore through tourism, merchandise sales, and increased activity in hospitality sectors such as the Marina Bay Sands.
Increased spending occurred across various sectors, such as food and beverage establishments, retail stores (concert merchandise, souvenirs) and transportation services (taxis, rideshares). Economists projected additional revenue of around SGD300 million (USD225 million) to SGD400 million (USD296 million). Some estimates reached as high as SGD500 million (USD371.9 million).

A full APAC Eras Tour analysis can be found here
For more information about the company and its products and services, visit www.costargroup.com. 

(Source: CoStar plus additional reporting.)

AirAsiaX resumes Changsha flights

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TTR WEEKLY
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KUALA LUMPUR, 11 April 2024: AirAsia X will resume services between Kuala Lumpur and Changsha, in China, to expand its presence in the Chinese market following the inaugural flight to Xi’an last week.

Starting on 5 July, travellers can fly directly from Kuala Lumpur to Changsha, the provincial capital and largest city of Hunan Province, with four weekly flights (Monday, Wednesday, Friday, and Saturday).

Changsha is recognised as the home of the UNESCO World Heritage Site Wu Ling Yuan (Zhangjiajie), where the Hollywood blockbuster Avatar was filmed. The site draws thousands of movie fans annually.

Changsha marks AAX’s sixth direct route to China, complementing AirAsia Malaysia’s (AK) extensive network of 12 destinations within Greater China, comprising Guangzhou, Kunming, Guilin, Nanning, Quanzhou, Shantou, Shenzhen, Wuhan, Taipei, Kaohsiung, Macao, and Hong Kong.

AirAsia X CEO, Benyamin Ismail commented: “China has always been one of our most popular markets and continues to be amongst our fastest growing markets. Our announcement means we are further strengthening our foothold in China, where we have historically maintained a robust presence as the largest low-cost foreign carrier in the region. In 2019, we carried over 140,000 guests to and from Changsha, highlighting the robust demand for our services. Now, with strong pent-up demand, we are fully dedicated to propelling the industry forward to achieve the government’s international tourist arrival target of 27 million this year.” 

AAX is support the return of  flights to Changsha with discounted fares starting at MYR388 all-in* one way. All flights are available for booking from now until 21 April 2024, for travel between 5 July 2024 and 26 October 2024 on airasia.com or AirAsia MOVE app (previously known as airasia Superapp).

Malaysians are eligible for visa-free entry to China for tourist visits of up to 15 days until 30 November 2024.

Flight Schedule between Kuala Lumpur (KUL) and Changsha (CSX):

Thai Vietjet makes Songkran fare splash

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TTR WEEKLY
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BANGKOK, 11 April 2024: Thai Vietjet launches ‘Songkran’s Splash Deals’ offering special fares starting at THB67 (excluding taxes and fees) on all of its domestic and international routes, 

Bookings opened 10 April and remain open until midnight 13 April. The annual Songkran Festival runs from 12 to 16 April and one week later in Pattaya and surrounding districtions.

The fares are valid for travel from 16 May to 31 December 2024 (excluding Thai public holidays). Booking should be made at www.vietjetair.com.  

The special promotional tickets starting at THB67 apply on Thai Vietjet’s entire domestic flight network from Bangkok (Suvarnabhumi) to Chiang Mai, Chiang Rai, Phuket, Krabi, Hat Yai, Surat Thani, Udon Thani, Khon Kaen, and Ubon Ratchathani. It also valid on direct cross-country routes between Phuket and two northern cities; Chiang Mai and Chiang Rai. 

In addition, the THB67 is on offer for Thai Vietjet’s international flights from Bangkok (Suvarnabhumi) to Vietnam, China, Fukuoka, Phnom Penh, Singapore, and Taipei. It also applies to flights on the Chiang Mai – Osaka route. 

Book flights via the airline’s website or mobile app, Vietjet Air. Another option is via Facebook (www.facebook.com/VietJetThailand) by clicking the “Booking” tab or by visiting the airline’s booking offices located at airports. Payment can be made with ‘True Money Wallet’ and international debit/credit cards.

Currently, Thai Vietjet operates 11 Thailand domestic routes, including flights from Bangkok (Suvarnabhumi) to Chiang Mai, Chiang Rai, Phuket, Krabi, Udon Thani, Hat Yai, Khon Kaen, Ubon Ratchathani, and Surat Thani plus direct cross-country flights linking Phuket with Chiang Mai and Chiang Rai.

Qantas scales up frequent flyer rewards

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TTR WEEKLY
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SINGAPORE, 11 April 2024: Qantas Frequent Flyers will have access to over 20 million more reward seats with the launch of Classic Plus Flight Rewards.

A new way for members to use their Qantas Points to book flights, the change is described as “one of the biggest ever expansions of the Qantas Frequent Flyer programme in its 35-year history.”

It should make it easier to book flights to places like London, Tokyo, New York and Singapore with Qantas Points, even during peak times.

While usually requiring more points than the existing Classic reward seats, Classic Plus will represent some of the best value across the frequent flyer programme with much wider availability. Classic Plus reward seats are also eligible for upgrades.

The points required to book Classic Plus reward seats will vary like normal airfares, which means they’ll be lower during off-peak periods or when booking early and higher during peak periods. 

Classic Plus reward seats may drop below a Classic reward seat on the same route during sales and promotions.

Bookings opened on Monday for Classic Plus reward seats on Qantas international flights departing Australia for travel from 1 July 2024 exclusively via qantas.com. By the end of the year, the program will roll out across the rest of the airline’s international and domestic network on Qantas-operated flights.

By the end of the calendar year 2024, when Classic Plus has fully launched across the international and domestic networks, members will have access to 20 million new reward seats for travel across the rolling 12-month booking window. There will be a similar level of availability on an ongoing basis.

Qantas Group CEO Vanessa Hudson said frequent flyers have more ways than ever to earn points, and a new flight reward option would offer more value for those who want to use their growing points balances on travel.

“The Qantas Frequent Flyer program is an integral part of Qantas and has always been about recognising our customers for their loyalty. We’ve spent a lot of time listening to members about how we can better reward them,” Hudson said.

“The growth and success of Qantas Loyalty are driven by engaged members who earn and redeem points across the frequent flyer program, including with our partners. That’s why we’re investing in making more seats available to book with points.”

Qantas will continue to offer more than 5 million existing Classic rewards seats across Qantas, Jetstar and 45 partner airlines, with no change to the points required to book these seats since 2019.

This financial year, Qantas will invest AUD60 million in more flight rewards for frequent flyers, which included adding 6,000 new premium Classic reward seats to Europe during peak travel times last October. 

Changi CEO to step down

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TTR WEEKLY
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SINGAPORE, 11 April 2024: Changi Airport Group’s Chief Executive Officer, Lee Seow Hiang, will step down on 1 July 2024 having served 15 years at CAG.

He will concurrently step down as a director on the CAG Board and chairman of the boards of Changi Airports International (CAI) and Jewel Changi Airport Development.

The CAG Board confirmed this week that it has appointed Yam Kum Weng to succeed Lee as CEO of CAG and has also named him a director of the CAG Board and chairman of the CAI Board effective 1 July 2024. Yam is currently CAG’s Executive Vice President, Airport Development, leading the Changi East project, including Terminal 5 (T5). 

Photo credit: CAG. Lee Seow Hiang.
Photo credit: CAG. Yam Kum Weng.

Lee led CAG for 15 years

Lee was appointed the founding CEO of CAG when Changi Airport was corporatised on 1 July 2009. In the 15 years that followed, CAG became the premier air hub and most internationally connected in Southeast Asia with links to more than 150 destinations worldwide. 

During his tenure, CAG also marked major milestones such as the launch of Terminal 4, the upgrading and expansion of Terminals 1 and 2 and the development of Jewel Changi Airport, which opened its doors in 2019. These large infrastructure projects increased Changi Airport’s handling capacity by 23% to 90 million passenger movements annually. 

The many enhancements at Changi Airport raised the Changi Experience for passengers and visitors, contributing to numerous prestigious global awards for airports since July 2009. Over the last 10 years, Mr Lee has also laid the foundations for future development in Changi East, including T5. Following a two-year pandemic-related pause, work on the development has resumed and is making good progress, with groundbreaking to take place next year.

Lee commented: “It has been a gift of grace and a lifetime privilege to be a member of this special Changi community for these incredible years. The last 15 years have been an exhilarating journey of building the best air hub for Singapore. We worked hard to double the size and vibrancy of our air hub to almost 70 million passengers a year but lost it all during the Covid years. Yet, we kept our fundamentals strong; today, we are emerging stronger on our full recovery.”

WTTC: Tourism set to hit all-time high

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TTR WEEKLY
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SINGAPORE, 9 April 2024: The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of USD11.1 trillion.

According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional USD770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.

As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 of the 185 countries analysed to outperform previous national records.

In partnership with Oxford Economics, WTTC’s latest EIR showcases a sector brimming with opportunities and underpinning almost 348 million jobs globally. This represents an increase of more than 13.6 million jobs compared to its highest point in 2019.

International visitor spending is expected to come within touching distance of the 2019 peak, to reach USD1.89 trillion, while domestic tourists are forecast to spend more than in any year on record to hit USD5.4 trillion.

A look back on last year

Despite economic uncertainties and geopolitical shake-ups, the Travel & Tourism sector thrives. With an economic injection of nearly USD10 trillion, the sector matched its pre-pandemic zenith, flexing its resilience and proving its critical role in the global economy.

Travel & Tourism represents 9.1% of global GDP at just over USD9.9 trillion in 2023. Its financial footprint was the largest since the golden year of travel in 2019, trailing its peak by a mere 4%.

The sector also bolstered its workforce by an additional 27.4 million, propelling the total to nearly 330MN jobs worldwide.

International spending increased by 33.1% to reach USD1.63 trillion, underscoring a vibrant comeback story for many countries worldwide. Domestic spending increased by more than 18% to reach almost USD5 trillion.

2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.

This growth comes despite two of the world’s biggest tourism markets lagging in international visitor spend, with both the US and China seeing a far slower return of international tourist spend.

Last year in the US, international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60% down.

WTTC President & CEO Julia Simpson said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.

“This isn’t just about breaking records; we’re no longer talking about a recovery — this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries worldwide and supporting millions of jobs.

“There’s a risk. The US and Chinese governments need to support their national Travel & Tourism sectors. Otherwise, the US and China will continue to suffer while other countries see international visitors return much faster.”

Travel & Tourism 10 years from now

WTTC forecasts a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.

By 2034, the sector will supercharge the global economy with a staggering USD16 trillion, making up 11.4% of the entire economic landscape.

This booming industry is also set to be a job creation juggernaut, employing 449 million people worldwide. Nearly 12.2% of the workforce will power this vibrant sector, showcasing Travel & Tourism’s pivotal role in global employment.

With more than three-quarters of the countries analysed expected to exceed the high point of 2019 in terms of GDP contribution,

Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see.
For more information, visit wttc.org

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