INTRODUCTION

The aim of this paper is to provide a comprehensive analysis of a particular company by using
some concepts and frameworks of business strategy.
 TASK RESPONSES

I. BRIEF INTRODUCTION TO THE CHOSEN COMPANY (VIETNAM AIRLINES)

1. Historical background and Remarkable Milestones of Vietnam Airlines

Vietnam Airlines, also a national carrier of Vietnam was founded in January 1956, as the
Government of Vietnam made the establishment of Civil Aviation Authority. The first domestic
flight took place in 1956 September. From 1976 to 1980, Vietnam Airlines had operated
effectively number of global flights to some Southeast Asian (SEA) Countries and China. From
1993 to 2015, the Airlines has been a state-owned enterprise, before transforming to joint stock
company in April 2015
Significant Milestones of Vietnam Airlines
- 2006: Became the first Airlines of SEA to join Sky Team Alliance
- 2015: Became the first Airlines in Asia to use both Boeing 787 and Airbus 350
- 2016: Certificated as a 4-star Airline by Skytrax
- 2021: Became the first Airlines of Vietnam to launch direct flight to USA

2. Vision, Mission, Goals, Core Values of Vietnam Airlines (Annual Report, 2019)

- MISSIONS-VISIONS
 Remaining top spot in the Vietnam’s aviation group
 Becoming high ranked Asian Airline of customer’s choice, as well as being main
force transportation of Vietnam
 Adapting to customers’ expectation by providing various and high-quality
transport
 Civilizing and professionalizing working environment to pave the way for
employees to promotion.
 Operating business effectively, firmly maintaining benefits for stakeholders.
- CORE VALUES
 Each activity must be complied with safety-top priority of company.
 The development is correlated with the customer’s trust.
 Employees are mostly valued. Remuneration policy is implemented based on
fairness and worthiness, maintaining cohesion and solidarity of VNA.
 The company’s slogan is linked to creativity.
 Having social responsibility, all actions and decisions of company are in line with
social sustainability.
- GOALS
 Being listed as top 3 Airlines that have the highest revenue.
 Securing top-10 spot in the list of most favorite Asian Airlines.
 Get 5-star certificate based on the standards released by Skytrax.
  Deploying resilient digital transformation to become comprehensive Digital
Airlines Group
 Becoming the most preferable workplaces in Vietnam.

II. APPLYING PESTLE FRAMEWORK ON VIETNAM AIRLINES

1. Political and Legal Factors

Regarding the Political Factors, the stability of a nation’s politics is the most important aspect
to consider. Over the last 35 years of evolution, the national security has been well maintained,
the social safety has been guaranteed, along with the peaceful and stable environment (Thanh,
2022), this elevates Vietnam to one of politically stable countries in the World. This aspect has
created an ideal opportunity for Vietnam Airlines to operate business safely here, without
fear of terrorism, without fear of wars, which is completely contrast to specific European
countries.
Other aspect that should be considered while analyzing impacts of political factors is the
Government’s diplomatic relations. As Vietnam’s foreign policy always stays consistent with
independence, self-reliance, peace and friendship, being a friend and reliable partner, now
Vietnam has diplomatic relations with 193 countries around the world, which paved the way for
the economic, trade or even air transport agreements. These agreements are critical to Vietnam
Aviation, and as a flag carrier, Vietnam Airlines holds huge advantages over competitors to
become main transportation force of Vietnam.
Regarding the Legal Factors, according to Circular No. 53/2019 of the Ministry of Transport
stipulating the prices and price brackets of some specialized aviation services at Vietnam's
airports and airports, airlines bears up to 16 types of fees regulated by the State, which costs up
to 10,000 billion VND/year. Additionally, Airlines must cover many taxes, such as: for import of
jet fuel, environmental protection or VAT, in which tax for environmental protection costs them
several thousands of billions a year (Pham Nguyen, 2020). The point is that Vietnam Airlines is
still suffering from revenue deficit, since the outbreak of COVID-19 pandemic, VNA recorded 3
consecutive years suffering around 10,000 billion VND (Kieu Linh, 2023).
 With inefficient business, along with huge amount of fees at airport, hence taxes,
Vietnam Airlines’s chance to comeback is being challenged.
 Obviously, some of the Fees such as Land Rentals, or some services at terminals, etc.
have been to help Aviation Industry recover from the Pandemic, posing little
opportunity for Vietnam Airlines.

2. Economic Factors
2.1 Inflation rates
 The inflation rate absolutely exerts some impacts on an organization, so does to Vietnam
Airlines. Recently, the inflation rates in Vietnam are reported as stable, and is predicted to stand
at approximately 4%.
Operating costs: As Vietnam Airlines regularly covers some expenses such as aircraft
maintenance, labor, etc., the low level and stability of inflation rate would keep the operation
costs stable, which is highly important to make profits.
Ticket pricing: Low inflation rate allows Vietnam Airlines avoid sudden change in terms of price,
as well as the risks of inflation-related cost increases. This also do not affect the customer’s
spending, helping them to maintain customer base.
Investment: Low inflation rate could be an ideal opportunity for Vietnam Airlines to make
investment decisions, as prices are easily anticipated. For example, Vietnam Airlines intends to
invest in Long Thanh Airport (Hà, 2022), which the cost for Land Rentals, labor, etc. would not
exceed their initial expectations, making it easier to deploy the project later on.

2.2 Exchange Rates and US Dollars Index

Jet Fuels (belongs to Operating cost) also depends on exchange rates. As Vietnam mostly
imports Fuels from South Korea and Singapore (Lê, 2023), therefore the exchange rates
between Vietnam Dongs and Singapore Dollars (SGD) as well as Korean Wons (KRW) matter.
From May 2022 until now, the KRW/VND exchange rate declined by 1.69%, while the figure for
the SGD/VND grew by 4.07%. This shows that VND is strengthening against KRW and
weakening against SGD, meaning that Vietnam covers relatively higher cost importing Fuel from
Singapore and enjoys expense of Fuel exported by Korea.
 Vietnam importing Fuels from South Korea would be an opportunity for Vietnam
Airlines to decrease operating costs.
The US Dollars index is also the key to determining whether the Fuel expense increase as
the correlation between the US Dollars Index and prices of Fuel is Negative. As the prices for
Fuel are always denominated in US Dollars, therefore the decline of the USD Index means that
Fuel cost is risked of declining as a result, so the exporters must increase it to maintain the
revenue. In contrasts, when the USD Index increases, meaning that the exchange rates of US
Dollars and other currencies will rise, making it harder for other countries to purchase oil and
fuel, so the exporters must decrease the cost to maintain market. Currently, the US Dollars
Index is stronger, leading to the decrease in oil and fuel prices (baochinhphu.vn, 2023), hence
the USD/VND exchange only increased by 1.45% from the same period last year, which also
helps Vietnam Airlines to cut the expense for Jet Fuel cost.
 The decline in Jet Fuel cost also causes decline in Flight Tickets, as well as some
services, beverages on/off flights, increasing the purchasing power of customers, this is
of importance to growing up profits for Vietnam Airlines.

2.3 Interest Rates

 Interest Rate also impacts on the business’s operation. Based on the 2020 Financial
Report, Vietcombank (lent over 4000 billion VND) and BIDV (lent over 1000 billion VND) were
the biggest long-term creditors of Vietnam Airlines. Currently, Vietcombank and BIDV’ interest
rates have remarkably reduced to only 7.2%/year for terms of 12 months or more (as compared
to the figure for the last year, interest rates of these banks peaked at 12%/year) (vtv.vn, 2023).
Vietnam Airlines could enjoy this if they borrowed with floating rate. If VNA borrowed with
fixed rates, there will be no significant change to their loans.

3. Social-Cultural Factors
3.1 Demographic Trends
Population size and age distribution: Vietnam has about 100 million people, which elevated
Vietnam to the 15th place in terms of population. With enormous population, Vietnam Airlines
has huge customer base, which generates opportunities for VNA to operate number of domestic
flights. Besides, Vietnam has youth population with more than a half aging under 35 years old,
therefore the demand for Air Travel is expected to be high, as youngers tend to be dynamic and
want to travel and explore many places, or many of them would desire to go overseas to pursue
higher education. These have created big chances for Vietnam Airlines thanks to their potential
customer base.
Living standard of Vietnamese: Living condition in Vietnam is generally shown by the GDP
per capita. According to the World Bank (2023), Vietnam’s GDP per capita has recorded a
significant increase from the 2010-2015 period and is predicted to continue its impressive rise,
showing that the life quality of Vietnamese people is getting better, so more people would
demand for air travel, although Vietnam Airlines cost for tickets and services on flight are still
relatively higher than domestic rivals such as Vietjet Air, etc.

3.2 Tourism and Oversea studying Trends

Although having experienced deficit from the outbreak of COVID 19, domestic tourism
remarkably recovered from 2022. According to the Civil Aviation Authority of Vietnam (CAAV),
the Vietnam Air Traffic is expected to fully recover by the end of 2023 to the figure for 2019. The
number of domestic passengers is even projected to rise by 22%, as opposed to the 2019’s
figure (Nhat, 2023). According to CAAV, there are many reasons for air travel, such as doing
business, visting relatives, but majorly is tourism. As Vietnamese have many holidays to enjoy
(Tet, Independent Day, Liberation Day, Labor Day), they could plan for many travel tours
(including air travel), which contributes to the increase in Aviation flights, both domestically and
internationally, thus Vietnam Airlines could enjoy this. Additionally, as China government has
eliminated the Zero-Covid policy, Chinese people can easily travel around abroad, including
Vietnam, so Vietnam Airlines would be able to welcome more passengers from the World’s most
populous country.
The oversea studying trend of young people is also worthily considered, as it is also a main
factor to boost the revenue of aviation industry. USA is always a top-priority destination of many
Vietnamese students; evidently, the number of Vietnam students studying in the US has
consistently increased for 18 years consecutive (from 2002-2020) (Vnexpress.net, 2022) and in
2022, Vietnam ranked 5th in terms of International students in the US. As the only domestic
Airlines to operate direct flights to the US, Vietnam Airlines holds huge advantage over rivals to
attract passengers who want to go to this country, as direct flights would take less time, reduce
the risks incurred, pleasuring the customers.

3.3 Human Resources

A strong recovery of Aviation Industry is a positive signal, however, lack of human resource
is another challenge for Vietnam Airlines. There is an existing lack of specific resources for
Flight Attendant or Pilots (Baotuoitre, 2022) , as many applicants cannot meet the criteria set
before. Another difficulty for Vietnam Airlines is that Vietnam has only an Aviation Academy,
therefore the talented and potential applicant base that VNA is seeking for is quite rare.

4. Technology Factors
Breakthrough inventions and advancements in terms of Technology have certain impacts on
human’s daily activities, including the operation of Aviation Industry. The survey by Statista in
2021 showed that Vietnam was among the Asian countries with most Internet users, and among
the Global countries with most smartphone users (VietnamnetNews, 2023). Clearly, huge
population accessing Internet and using smartphones helps Vietnam Airlines deploy virtual
selling systems easily. With only a phone connecting to the Internet, customers can easily book
flight tickets with detailed information about departure and arrival time and procedures via apps
or websites. This reduces the traffic at ticket counters with long queues waiting for their turn.
With huge technology access in Vietnam, Vietnam Airlines can easily get customers’ feedback
on their services of the brand (VNA has added Feedback Category on App and Website), so
they can immediately fix problems for customers and provide better quality for passengers. In
conclusion, Vietnam Airlines is having smoother operation within the increase of Internet
access.
Additionally, AI integration is being developed all around the world, to bring convenience to
customers. For example, the YAPE system was being experimented in Frankfurt Airport to help
passengers carry luggage weighting 30kg with 6km of speed. Biometric technology is being
deployed by some top Airlines to make customers’ time more effective when entering the
airplane (tuoitre.vn, 2019). Vietnam Airlines is expected to deploy some new World’s
technology to bring more satisfaction to customers.
Along with benefits that Technology has brought to, Vietnam Airlines needs to be careful with
its negative sides. In 2016, Vietnam Airlines website has been cracked by hackers (Thành Luân,
2016), affecting experience of customers. The crack of website led to the company’s trouble in
handling customers’ deficit as some of them might have purchased tickets before.
 In the future, the hacking methods would be more meticulous and unpredictable,
preventing the company from smooth operation. The crack of website can also lead to
the delay of many flights, dissatisfying loyal customers.
 Moreover, as many social platforms have been developed and widely used recently, the
company will have to handle those using fake account spread defamed information,
which significantly reduces the company’s prestige in public eye.
 5. Environment Factors
5.1 Pollution
Aviation is a fossil fuel consuming Industry, which consumes up to 5 million barrels per day.
Burning this fuel now generates about 2.5% of all carbon emissions – a share that could rise to
22% by 2050 as other sectors produce less carbon emissions (Minh Anh, 2019). Meanwhile, it is
challenging to operate practical measures to reduce pollution caused by Aviation, measure such
as cutting off flights is not feasible as the demand for flight is getting higher (mentioned above),
hence, some Airlines such as Vietjet Air offers many cheap flights to boost public demand for air
travel. To solve this problem, Vietnam Airlines recently has joined the Sustainable Flight
Challenge (TSFC) organized by Sky Team-a reliable organization allying global Airlines around
the world. By operating Sustainable Flight, Vietnam Airlines is domestically pioneering in calling
for environmental protection. Additionally, Vietnam Airlines has consistently upgraded its fleet of
aircraft by using new generation engine, which reduced 50% of gas emissions, 16% of Fuels
and 75% of noise pollution, compared to aircraft launching old generation engine. Vietnam
Airlines pioneering actions in protecting environment can create great reputation and
impression on public eye, given the circumstances that pollution is alarming issues that
receives great deal of interest.
5.2 Climate
Weather also impacts on flights. Normally, flights will be postponed due to the effect of
extreme weather phenomenon, such as stormstorms, typhoon or hurricane to mitigate as many
regretful accidents as possible. Statistics has shown that 25% of flight accidents is attributed to
theBesides, scorching hot weather effect, can also trigger flight cancellation. The dense hot air
will reduce the lift of the aircraft, making the takeoff process harder. Excessive heat also affects
the aircraft's complex machinery, in which the air conditioning system is at risk of failure, making
passengers in the cabin extremely uncomfortable, further causing hydration (Do An, 2020).
Experts argue that flights could only be launched under a temperature that is up to 43 degrees.
In recent years, the earth’s temperature has boomed as a result of climate change. In
Vietnam, June-July is the regular period that the temperature could peak (at about 45
degrees). Therefore, flights in this is quiteperiod could be postponed or cancelled.
According to the Associate Professor Ph.D. “Nguyen Thien Thong”, the delay of flights not only
irrigates customers, but also causes security problems (Baodientu, 2022). For an airline, flight
delay is an undesirable event because it both affects the quality of passenger service and costs
money because the ships have to fly around in the sky (on average, each minute of flight takes
approximately 2 million VND for gasoline), wasting the waiting resources, etc. This is a big
challenge forof Vietnam Airlines as climate weather is uncontrollable.
 III. APPLYING PORTER’S FIVE FORCES
1. Bargaining power of Suppliers
1.1 Aircraft Manufacturers
Airbus and Boeing are 2 aircraft suppliers of Vietnam Airlines. Airbus and Boeing have
affirmed their dominance in the world for long time and currently, they take 90% of commercial
aircraft market. The reason why Vietnam Airlines depends on these manufacturers will be
covered as follows (Sang, 2023):
Safety is one of the Vietnam Airlines’ core values, while Airbus and Boeing are doing this
well. According to the survey by TripAdvisor, 55% of tourists confirmed the loyalty with a specific
Airline, particularly Airbus or Boeing. According to the Aviation Safety Network, there were more
than 40 flight accidents and 556 cases of death in Commercial Aviation in 2019, posing massive
concerns that whether new aircraft manufacturers can ensure safety better than Airbus and
Boeing. As safety is a top priority of Vietnam Airlines, partnering with reliable
manufacturers which their safety prestige have been affirmed for many years would be a
must to minimize accidents stemming from engine errors.
Another huge threat that Airbus and Boeing have put on the entry of other manufacturers is
Financial and Human resources aspects. According to IATA (2020), total costs to join Aviation
Industry stood about 173 billion USD including initial manufacturing and maintenance cost.
Besides, the shortage of human resources is always huge issue of new entrants, especially the
position for engineer and maintenance specialists. Skilled workers would base on the reliability
of manufacturers to determine whether they should join them, in which Airbus and Boeing will
always be their priorities. Vietnam Airlines’ choices for aircraft suppliers only are Boeing
and Airbus because of their reliability in terms of finance and workforce over other
suppliers.

 Bargaining power of Airbus and Boeing over Vietnam Airlines: As Airbus and
Boeing have affirmed their massive dominance over other suppliers, they can easily
force Vietnam Airlines to follow their price strategic decisions. In conclusion, these
aircraft suppliers have high bargaining power on VNA.

1.2 Jet Fuel supplier

Skypec is Jet Fuel supplier of Vietnam Airlines. Skypec is a subsidiary of Vietnam Airlines
and 100% of its Charter Capital is held by Vietnam Airlines, this supplier also has the biggest
domestic market share with 18 branches present in Northern, Middle and Southern Vietnam. As
the CEO of VNA is the Chairman of Skypec, this supplier basically has no bargaining power
on Vietnam Airlines.
 2. Bargaining power of consumers
2.1 Vietnam Airlines’ differences to competitors
Vietnam Airlines’ tickets are always higher than that of domestic rivals, but as a national flag
carrier, it delivers the best service quality to customers. This uniqueness of Vietnam Airlines has
maintained the top spot in domestic Aviation market over many years. This is completely
different to cheap-cost Airlines such as Vietjet Air, etc, offering relatively lower service quality
than VNA. VNA recently has become the first Airline in Vietnam to integrate digitalization
transformation in the duration of flight, specifically, Wireless Streaming system has been used
during the 3-hour flight, allowing customers to use electronic devices connecting to Internet.
Overall, regarding this aspect, customers have low bargaining power on VNA, in
exchange for relatively high-cost tickets, customers has unique experiences on VNA
flights.
2.2 Customers’ price sensitive
As Vietnam is the market where customers are most price-sensitive in ASEAN with over 80%
of customers noticing the price adjustment (Nguyen, 2020). This means that if VNA adjusts its
flight tickets or service prices on flight without modification on the quality, customers can easily
realize it and reconsider their decisions of flying with VNA. During the latest holidays (Reunion-
Labor day), Vietnam Airlines has increased its price for tickets, which could therefore make
many of there customers switch to cheaper-cost Airlines (Vietjet), or middle-cost Airlines
(Bamboo Airways). Overall, regarding the customers’ price sensitivity, customers have
strong bargaining power on the Airlines
2.3 Customers’ ability to substitute and switching costs
Currently, in the domestic Aviation Industry, there are 3 major Airlines, including Vietnam
Airlines, Viejet Air and Bamboo Airways, so Vietnamese customers have few choices for
Airlines, making the ability to substitute quite low.
If the VNA customers want to switch to other Airlines, they need to consider switching costs.
Customers can be inflicted medium switching costs if they use the Vietjet Air services, which
obviously is not in terms of money, but in satisfaction level. Although Viejet Air constantly
provides low-cost tickets, but has many long-delay flights, dissatisfying customers’ experience.
Meanwhile, Bamboo Airways is the first Airlines to deploy hybrid form, combining low-price cost
and high-quality service. However, the quality service of Bamboo can not be as good as of
Vietnam Airlines. Additionally, as a young Airline, Bamboo Airways has significantly fewer of
flights, especially international flights. Thus, the costs for customers to switch from VNA to
Bamboo is considered to be high.

3. Threats of new entrants

To evaluate the threats that new entrants exerted on Aviation, we should consider several
aspects that can create barriers to entry, and see whether the new entrants can handle it.
Viettravel was a new entrant of Aviation Industry who started operating flights from 2020.
 3.1 Financial and resource aspect
According to Mr. Vu Duc Bien, CEO of Vietravel Airlines, the Airlines has almost suffered
deficit in the first year of operation. The company's board of management wants the deficit to be
as low as possible and if breakeven was a big success, however, this was an ambitious goal.
With the plan to increase the fleet to 8 aircraft by the end of the second quarter of 2020 and 15-
20 by the end of the fourth quarter of 2020, the cost to operate this fleet was not small.
According to an aviation expert, excluding the cost of chartering aircraft, to operate 15-20
aircraft requires a personnel apparatus of at least 1,500 people, 6 times more than the current
number of employees of Vietravel Airlines (Minh, 2021).
To pay the wages of this workforce and the costs surrounding the fleet such as rent,
maintenance, parking, a cash amount in trillions of dollars is needed. Mobilizing this amount of
capital will be a problem that Vietravel and Vietravel Airlines' leaders need to solve when the
airline's cash is not much. Specifically, CEO of Vietravel Airlines shared that to prepare for the
first flights, the airline had to rotate more than 200 billion VND by itself. In addition, the airline
still has a minimum capital of 700 billion dong in an account under the control of the authorities,
which can only be used when it has received a license from the Civil Aviation Authority of
Vietnam.

 Regarding this aspect, new entrant Viettravel is experiencing enormous

challenges to adapt to requirements of Aviation Industry

3.2 Old brand Loyalty

Moreover, Viettravel also faces a challenge called old brand loyalty. Vietnam Airlines and
Vietjet Air have been through a long time and journey to affirm its uniqueness and position in
domestic aviation market. For Vietnam Airlines, by consistently providing high-quality service
and high satisfaction level to customers, helping the company develop huge base of loyal
customers. Meanwhile, Vietjet Air with various discount programs has aroused number of
middle or even low class people, making dream of flying in the sky of many people easily
reached. Therefore, Vietjet Air and Vietnam Airlines have created strong brand identity and
made Bamboo Airways pressurized when they first joined the Aviation. Bamboo Airways was
creative enough to create hybrid form combining cheap ticket cost and high-quality service, but
it would be still a long way for Bamboo Airways to catch up VNA and VJA. Regarding
Viettravel, the Airline imitated the hybrid form of Bamboo Airways, and currently does not
create any remarkable identity, making it challenger to arouse customers.

 Vietravel Airlines finds it much difficult when entering the Aviation market, as Vietjet Air
and Vietnam Airlines has long been a favorite Airlines of many people for their own
unique identity.

ADDITIONAL NOTES: As the terminal airport has recently been said to be overloaded for huge
number of Airlines arriving here, Viettravel Airlines found it difficult to operate many flights, their
flights frequently are launched during the night, which is the reason why customers would not
refuse to fly as it affects their health.

4. Intensity of Rivalry

Looking at the above pictures, Vietnam Airlines and Vietjet Air are having the same market
share (37%) in 2022, so basically Vietjet Air is the biggest rival of VNA. Therefore, VNA
dominated the Vietnam Aviation Industry in terms of revenue in the last 6 years, followed by
Vietjet Air. Both Airlines have created huge distance with other competitors. In terms of profit
(after deducting tax), Vietnam Airlines also showed dominance until 2020 due to the outbreak of
COVID-19. After the pandemic, Vietjet Air carried on cheap-cost ticket policy, which is highly
suitable as the economic is on progression, therefore they held advantage over Vietnam Airlines
in terms of profits from 2020 until now.
Vietnam Airlines and Vietjet Air with contrast ticket pricing policy has generated intense rivalry
between them. The race in terms of market share, revenue between these 2 is expected to
continue, pushing each of them to continuously improve to arouse as many customers as
possible.
 IV. VRIO, BENCHMARKING ANALYSIS
1. VRIO framework in Vietnam Airlines
1.1 Tangible resources
1.1.1 Human resources
The human resources of Vietnam Airlines are the most valuable in the company (as
mentioned in Core values). The company has a comprehensive training program for employees
with professionalized training method, so employees can get the most basic and systematic
knowledge and skills applicable to their jobs.
The Vietnam Airlines’ employees currently have solid knowledge and skills to bring out the
best service quality to customers. Rewards in Vietnam Airlines are always considered to be
generous to employees, along with the flexible environment that the leaders create to motivate
employees. By the time, leaders also create specific rules to make employees disciplined, as
safety is a must in Aviation. Thus, VNA leaders are generating discipline among employees, but
also tighten bond with them, which is a good method to retain employees. In conclusion, human
resource could be seen as rare.
This resource is hard to be imitated. Although Viejet Air and Bamboo Airways have
created young and dynamic environments for employees, however they have yet to catched up
Vietnam Airlines. Great management with high discipline has always been the key propelling
Vietnam Airlines to success. Evidently, the percentage of Vietnam Airlines’ flights delayed have
consistently been lower compared to Bamboo and Vietjet in many years. That shows great
operation management of Vietnam Airlines.
Great management combining with flexible working have been excellently utilized,
helping company to sustainably develop over half of the century. With an emergence of some
Airlines, along with their threats, Vietnam Airlines has still consistent with their working principles
set before to direct employees work well.
1.1.2 Financial resource
As a national carrier flag, Vietnam Airlines received huge support in terms of finance from
the Government, although the company has officially transformed to Joint Stock Company from
2015. According to Baochinhphu (2021), Vietnam Airlines has officially signed a credit contract
with three commercial banks: Southeast Asia Commercial Joint Stock Bank (SeABank),
Vietnam Maritime Commercial Joint Stock Bank (MSB) and Saigon-Hanoi Commercial Joint
Stock Bank (SHB).) with a total amount of VND 4,000 billion. The amount of VND 4,000 billion in
the support package of VND 12,000 billion approved by the National Assembly in December
2020 will support the national airline to overcome the crisis caused by the COVID-19 epidemic.
This huge support from the Government was highly valuable, because at that time, VNA
was at crisis and struggled to make revenue. Strong financial support from Government can
elevate Vietnam Airlines over competitors, also help VNA eliminate risks of bankrupt (during the
pandemic, many airlines have announced on its bankrupt), and furtherly stimulate the strong
recovery of the company later on.
This support was also rare as this was one of the Government's measures as the State
shareholder holds 86.19% of the shares in Vietnam Airlines. Therefore, it is clear that this is an
advantage that not Airline company can have. Vietjet Air and Bamboo Airways during the
COVID-19 have proposed financial support from the Government, and until now they have yet
received any financial support.
Mr. Nguyen Tuan Anh, Director of Credit Department for Economic Sectors (SBV)
revealed that there was a meeting discussing about the credit package between state bank and
Airlines that suffered deficit from COVID-19. In case the pandemic occur in the future, it is highly
feasible that private Airlines can receive assistance in terms of finance by the Government. So
the financial support could be imitated.
Vietnam Airlines can completely utilize the financial support to take advantages over
competitors. If VNA ultimately exploit this financial package, they could also finish full
transformation of digitalization on flight. The more flights are integrated with technology, the
further Vietnam Airlines can reach, stretching the distance with competitors. In conclusion,
Vietnam Airlines could ultimately exploit the use of financial support.

1.2 Intangible resources

1.2.1 Creating Public Relations
- Via newspaper: This is a form of tangible advertising, aiming at business man, who
frequently read news. Vietnam Airlines uses newspapers that could be released for the
whole nation such as: Thanh Niên, Lao Dong, etc. In terms of global market, Ashashi,
Goodweeken, Travel Trade, etc. to advertise their services.
- Via national television: Vietnam Airlines uses short videos on national channel such as
VTV while the news program is being shown
- Via Internet: Using official website to advertise services plays a significant role in a
complex Marketing strategy of Vietnam Airlines. Via website, the Airlines could provide
essential information to customers, in addition to product introduction, the guide to ticket
reservation. Additionally, the introduction of the website also informs customers of
commitment to standard quality, as well as updates to VNA’s activities.

Vietnam Airlines is operating smooth and effective Public Relations, increasing brand
awareness. By advertising on National television, on a golden time, Vietnam Airlines has
successfully aroused many customers, so its profit could be increased. Therefore, this is
valuable.
This resource is not rare as Bamboo Airways and Vietjet Air have implemented range of
advertising methods (including via television)
This resource can be easily imitated, as shown by Bamboo and Vietjet. In the future, an
emergence of young Airlines could boost the implementation of many marketing methods, even
more professional than Vietnam Airlines.
The Vietnam Airlines’ marketing methods have been utilized and organized well and
considered as clean methods, customers were satisfied with their PR. They also feel like the
brand is getting closer to them, given the circumstances that not only domestic rivals but
international ones also emerged and arrived Vietnam, giving customers many Airlines choices if
they demand to travel internationally.
 1.2.2 High-class brand
As a longest established Airlines in Vietnam, also a national carrier, VNA has gone through
ups and downs as well as breakthrough evolution to become a symbol of Vietnam Aviation
nowadays. Its service quality has been an identity of Airlines that in everywhere people would
come up with high-class when mentioning about Vietnam Airlines. Therefore, this national brand
is valuable.
The brand quality that Vietnam Airlines is giving could be seen as rare, thanks to the
customers’ trust they have built over 50 years, thanks to many rewards given by reliable Aviation
Organization. Vietnam Airlines’ 4 star certificate awarded by Skytrax is even rare in the World,
not to mention the Vietnamese market. Reaching 4-star Airlines certificate would not only
require service quality, but also the business scope, customer’s trust, as well as social
responsibility, etc. of that Airlines. Currently, Bamboo Airways and Vietjet Air are not even
qualified for 3-star Airline certificate.
This brand class is even hard to imitate. Regarding the social responsibility, Vietnam
Airlines are purchasing targeted revenue and profit, and have very few social responsibility,
which is opposite to Vietnam Airlines. For example, Vietnam Airlines made many attempts to
reducing noise and air pollution caused by Airplane (as mentioned above). Besides, Vietnam
Airlines encouraged other Airlines join hands to protect environment, operating sustainable flight
from Hanoi to Seoul. The customer’s trust is somewhat Vietjet Air and Bamboo Airways are
looking for. Vietjet Air with number of delayed flights can irrigate customers, as well as reduce
their trust on its punctuality, while Bamboo Airways has only operated in several years, which is
still a long time away from building trust.
By providing high-class service and experience to customers, Vietnam Airlines has
successfully created true value for its brand, becoming a solid competitor in Vietnam Aviation
Industry.

1.2.3 Technology
Technology, as mentioned above, has been implemented successfully in the duration of
the flight, making unique experience for customers in domestic flights. Thus it could be
concluded as valuable of VNA for entertaining customers.
It is also rare as nowadays, no Airline has successfully implemented Technology in the
aircraft.
But this resource could be easily imitated by competitors, as in the era of Internet of
Things, every industry is looking for digital transformation. Vietjet Air and Bamboo Airways are
expected to integrate airplane with technology in the future as the demand of customers for this
get higher
 I
V R O Competitive
(Inimitability
(Value) (Rarity) (Organization) implication
)

Temporary competitive
Finance Yes Yes Yes Yes
advantage

Human Sustainable competitive

Yes Yes No Yes
Resources advantage

Marketing
Yes No No Yes Competitive parity
methods

Sustainable competitive
High-class brand Yes Yes No Yes
advantage

Temporary competitive
Technology Yes Yes Yes Yes
advantage
2. Benchmarking
Benchmarking’s purpose is to compare companies

Strategic Relative
VIETNAM AIRLINES importance VIETJET AIR strength
(1-10) (1- 10)
Vietjet Air and other
During challenging times, private Airlines are in
Vietnam Airlines is always consideration process
prioritized by the to support finance in
Government in terms of case pandemic
Finance. They were not happens. Additionally,
Finance even required to have 9 Vietjet Air is also 8
collateral and borrowed supported by foreign
with 0% interest rates. banks. For example,
Basically, Vietnam in 2014, Vietjet Air has
Airlines’ capital depends partnered with BNP
on state capital Paribas to get
financially supported.
Human Vietnam Airlines 8 Vietjet Air also has 6
Resources employees are well professional training
trained and has great program, however not
knowledge applicable to as systematic as
jobs to provide high Vietnam Airlines.
service quality to Interview Round has
customers. For example, of Vietjet Air would
the flight attendants of require less difficulty
Vietnam Airlines have level for flight
 attendant.
been praised by public Additionally, certain
with great and wit conduct amount of knowledge
to specific situations. In required by VJA is
addition, great operation lower than VNA. VJA’s
management of VNA operation
helps their flight less management is low
risked of delay leading to numerous
delayed flights
VNA has affirmed quality
of its brand for long time, VJA is still a long time
High-class
as well as customer’s 10 away from reaching as 7
brand
trusts on it. (analysis high-class as VNA
mentioned above)
VJA’s biggest
advantages of
marketing is showing
Vietnam Airlines’s cheap-cost flight,
Marketing
marketing methods are 8 along with tons of 9
methods
clean and effective discounts. VJA’s
cheap-cost flights
have reached Asian
market.
VJA has shown some
The Airlines has
technological
integrated technology on
advancements, but its
Technology flight, becoming the first in 10 7
technology is still far-
Vietnam to have Wireless
reached from VNA’s
Streaming System.
level

3. SWOT

Strengths Weaknesses
S1: Vietnam Airlines is a long- W1: Marketing methods
established brand, with high customer’s are effective but not
trust various.

S2: Vietnam Airlines enjoys the W2: Expensive flights

financial resource provided by the
Government during challenging period W3: Revenue is still
(such as occurrence of PANDEMIC) negative

S3: High-class brand with quality

service, as well as advanced
technology
 S4: Skilled workforce with high
discipline

Opportunities S1+S3+S4+O2: Vietnam Airlines, along W2+O3: Although VNA

O1: Currently, top4 with customers’ trust built before, has provides expensive fligh
Vietnam Banks are developed technology, additionally, the tickets, however with the
decreasing interest development of social media has improvements in terms of
rates aroused more potential customers to living standards, Vietnam
the Company. Vietnam Airlines has not Airlines can look for
O2: E-commerce is only maintained customer base with increase in customers,
considered to be at constant tecnological improvements, increasing profits.
golden age, in which but also aroused many new customers
hosts of social platforms via social platforms. Along with that,
are rapidly developing disciplined employees can provide
dedication, profession to customers =>
O3: Living standards of Great customer base
Vietnamese people is
getting higher

Threats S4+T3: High-quality human resource is

T1: Emergence of new expected to help VNA covers shortage
Airlines, providing in this field. With more systematic
customers more training program than competitors, VNA
choices is expected to provide greater service
and experience to customers.
T2: Vietjet Air is
providing cheap-cost S3+T1+T2: Pioneering in technology
flights, while Bamboo would help VNA maintain its top spot in
combines cheap-cost domestic market. New-generation
flight and high-quality technology is worth for customers huge
service, directly expenditure on VNA’s flight
competing against
Vietnam Airlines

T3: Lack of human-

source as a result of
cut-off policy

T4: Climate change is

enormously impacting
on flights

V. BUSINESS STRATEGY IN VIETNAM AIRLINES

1. Ansoff Matrix in VNA
In the past, as VNA was the first Airlines operated in Vietnam, creating domestic Aviation
industry, so its tactics at that time were Market Development and Product Development. As VNA
created Aviation Industry in Vietnam, it fully dominated whole market share. From 1956 to 1990
(when Pacific Airlines has been established), domestic flights was launched only by Vietnam
Airlines, therefore with nearly half of century singly dominated the market, VNA has created a
huge customer base and also loyal customers, as well as solid position in Vietnam Industry,
ready to prevent new entrants.
Nowadays, diversification strategy is what VNA is applying in its Industry. Vietnam Airlines has
diversified its services, such as ordering hotels (via Vietnam Airlines apps) or hiring cars for self-
driving. In recent years, Vietnam Airlines has deployed digital transformation on flight,
integrating Wireless Streaming system with airplane so passengers can connect to Internet.
This breakthrough made VNA the most modern Airways in Vietnam. VNA has listened from the
customers’ complaints that 3-4 hour flight could be bored and they want to entertain during the
flight. Along with that, they also referred to some successful implementation of technology
integration from other top-notch Airlines in the World and learned from their techniques. Its
successful digital transformation has reaffirmed that they are still pioneering in elevating
customer experiences to higher level. Therefore, customers are not regretting with what they
have spent for the flights of VNA, firmly maintaining trust with Vietnam Airlines. Additionally, VNA
has recently reached agreement with some food companies to make the menu in the duration of
flight more diverse, so passengers would have many options for their meals and furtherly could
identify their favorite meals in Vietnam Airlines. Under the pressure of emerged young and
dynamic Airlines, VNA is still maintaining its own identity by constantly changing for meeting
customers’ expectations.
In the future, Market Development can be a strategic direction of VNA, their goal is not just
dominating domestic market, but also becoming top Airlines in Asia, and furtherly becoming
World-class Airlines. To have better customer base, VNA must launch more marketing
campaigns with more advanced methods. They also need to hire more talented and skilled
workers by applying strict selection round, and also increase bonus for employees to motivate
them dedicate more.

2. STRATEGY APPLIED IN VIETNAM AIRLINES

Porter has indicated there are 3 strategies that could be applied: LOW COST,
DIFFERENTIATION, FOCUS.
Vietnam Airlines’ high-class services have been the key to its success nowadays. To enhance
its success, Vietnam Airlines is expected to domestically pioneer in satisfying customers by
improving quality of each action, which affects on customer experience. In terms of services,
employees could be regularly trained with staged practical situation to improve responses,
behaviors shown towards circumstances. In terms of technology, VNA could also improve it by
referring to techniques and machines applied in other Airlines. For example, deploying the
FACE ID to help passengers easily enter the airplane would be worthily practical, as long queue
waiting for their turn to be examined (personal information) has created chaos in terminal
airport. Besides, they can also collaborates with organizers of Airport to deploy luggage system,
meaning that a machine can carry on luggage weighting up to 6kg and move with high speed to
ultimately saving customers’ time. The deployment of this system has taken place in Frankfurt,
so VNA could learn some techniques from them. By constantly enhancing technology integrated
with VNA’s operations, VNA is expected to create huge distance with rivals. In terms of social
responsibility, they could constantly upgrade the fleet of airplanes by disposing old engines,
replaced by new generation engine imported from developed countries, which could be highly
pragmatic to reduce the noise and air pollution.
Along with that, cost leadership can also be considered, given the circumstances that after the
Pandemic, the purchasing power of customers has decreased. Low-cost flights combined with
high-quality services could be the key to elevate its profit level. Moderately reducing prices for
meals (during the flight) or some souvenirs in the VNA’s stores at the airports can arouse more
customers to buy it. As Vietnamese customers are highly price sensitive, little adjustment in
terms of cost would attract them.

3. Applying SAFE Matrix to evaluate the feasibility of business strategies

COST LEADERSHIP DIFFERENTIATION

SUITABILITY Cost leadership plan is suitable as this Suitable as differentiation in terms of
can arouse many customers, as technology and service has always
middle- and low-class people take huge been the key to VNA’s success.
proportion in Vietnam population
ACCEPTABILITY Acceptable as after the PANDEMIC, Acceptable as Vietnam Airlines has
people income is unstable, so their successfully implemented them many
purchasing power is weak times
FEASIBILITY Not feasible as Vietnam Airlines spends Feasible as VNA has invested more in
huge expenditure on improving quality R&D to constantly spot errors, and
of service, as well as technology to devise solutions to improve overall
ensure customer experience. performance.
EFFECTIVENESS Ineffective as the investment, operating Effective as VNA can improve profits
costs being too high, while profit is low, because of being only Airline to
causing deficit integrate technology with airplanes.

VI. STRATEGIC MANAGEMENT PLAN

The successful implementation of a strategic management plan for Vietnam Airlines requires
careful consideration of various crucial factors.
Clear and Communicated Vision: The strategic plan should have a clear and compelling vision
that outlines the long-term goals and objectives of Vietnam Airlines. It should be effectively
communicated to all stakeholders, including employees, customers, and partners, to ensure
alignment and understanding of the plan's direction.
Strong Leadership and Commitment: Strong leadership is essential for driving the strategic
plan's implementation. The leaders at Vietnam Airlines should be committed to the plan, actively
champion its execution, and create a supportive organizational culture that encourages
employee engagement and participation.
Effective Change Management: Implementing a strategic plan often involves significant changes
in processes, systems, and organizational structure. Effective change management practices
should be employed to help employees navigate through these changes, address resistance,
and ensure smooth adoption of new strategies and initiatives.

BUSINESS CANVAS MODELS IN VIETNAM AIRLINES

Introduction The purpose of this report is to analyze the business canvas models employed by
Vietnam Airlines. The business canvas model is a strategic management tool that provides a
holistic view of a company's key elements, including value proposition, customer segments,
revenue streams, and cost structure. By examining the business canvas models of Vietnam
Airlines, we aim to gain insights into the airline's overall business strategy and how it creates
and delivers value to its customers.
Value Proposition Vietnam Airlines' value proposition is centered around providing reliable, safe,
and convenient air travel services to its customers. It focuses on delivering excellent customer
service, punctuality, and a superior in-flight experience. Additionally, the airline aims to
differentiate itself through its extensive route network, including both domestic and international
destinations, and its commitment to maintaining a high level of operational efficiency.
Customer Segments Vietnam Airlines targets various customer segments, including business
travelers, leisure travelers, and international tourists. The airline caters to the diverse needs and
preferences of these segments by offering different classes of service, flexible ticket options,
and tailored travel experiences. It also focuses on building customer loyalty through frequent
flyer programs and partnerships with other airlines and travel agencies.
Channels Vietnam Airlines utilizes multiple channels to reach and interact with its customers.
These channels include its official website, mobile applications, travel agencies, online travel
portals, and customer service centers. The airline leverages these channels to provide
seamless booking and ticketing experiences, offer personalized services, and communicate
important travel information to its customers.
Revenue Streams The primary revenue stream for Vietnam Airlines is ticket sales, generated
from both domestic and international flights. The airline also generates revenue from ancillary
services such as in-flight food and beverage sales, baggage fees, and seat upgrades.
Additionally, partnerships with other airlines, code-sharing agreements, and cargo services
contribute to the airline's revenue streams.
Key Activities Vietnam Airlines engages in a range of key activities to ensure the smooth
operation of its business. These activities include flight operations, maintenance and repair of
aircraft, customer service, marketing and sales, network management, and partnerships with
other airlines and service providers. The airline focuses on maintaining high safety standards,
optimizing flight schedules, and continuously improving its service offerings.
Key Resources The key resources of Vietnam Airlines include its fleet of aircraft, trained and
experienced pilots and cabin crew, technology infrastructure for flight operations and
reservations, airport facilities and partnerships, and strong brand reputation. These resources
enable the airline to deliver reliable and efficient services to its customers.
Cost Structure Vietnam Airlines incurs various costs in its operations, including aircraft
acquisition and maintenance costs, fuel expenses, employee salaries and benefits, marketing
and advertising expenses, and airport-related charges. The airline strives to manage its costs
effectively by optimizing its fleet utilization, fuel efficiency, and operational processes.
Conclusion Vietnam Airlines employs a robust business canvas model to create and deliver
value to its customers in the competitive airline industry. By focusing on its value proposition,
customer segments, revenue streams, and cost structure, the airline has positioned itself as a
leading provider of air travel services in Vietnam and beyond. Continuous adaptation,
innovation, and customer-centricity are crucial for the sustained success of Vietnam Airlines in
an ever-evolving industry landscape.
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