Vietnam Airlines’ revenues rose by 12% in the third quarter to VND26.6 trillion ($1 billion), and it reported a post-tax profit of VND862 billion as against losses of VND2.1 trillion in the same period last year.

The launch of new services have contributed to growth, it said in a disclosure.

Low-cost carrier Vietjet’s revenues jumped by 28% in the third quarter to VND18.16 trillion, and post-tax profits went up by nearly eight times to VND571 billion.

In the first year to date it carried 19.6 million passengers, a 6% rise.

It has a fleet of 88 jets after receiving delivery of three new ones in October.

Airport services company Sasco reported 38% growth in post-tax profit to VND180 billion.

The number of international visitors passing through the country’s airports jumped 32% to 27 million in the first eight months, according to the latest data available from the Civil Aviation Authority of Vietnam.

The overall number of passengers is forecast to reach 150 million by 2025, and the country is working on major airport upgrades and construction to facilitate higher travel demand.

Airports Council International, a Canada-based organization that monitors airport standards, said in a recent report that air travel demand has resumed to pre-Covid levels though inflation and geopolitical tensions are acting as barriers.

It expects global air passenger numbers to reach 9.4 billion this year, exceeding 2019’s 9.2 billion.