ABSTRACT

NBS 9126: STRATEGIC MANAGEMENT

This paper aims to analyse the strategy of VietJet Air (VJC), the Vietnamese's
leading low-cost carrier (LCC), and exhibits the critical analysis of the aviation
industry's macro-environment by applying PESTEL framework and Porter's Five-
STRATEGIC
Forces analysis. Further strategic analysis ANALYSIS
using Strategy Canvas andREPORT
concluding by
adopting impact-uncertainty matrix and future OF VIETJET
scenarios matrixAIR
to identify future
strategic problems.

The findings point out that the rivalry among current players and suppliers' power is
more intense than other forces. VJC was successful with the Blue Ocean Strategy in
low-cost prices, friendly services, and ease of travel. The paper identifies that fuel
prices and the tourism industry are two critical uncertainties and discusses four
future scenarios to raise and solve the strategic issues.

Date submitted: April 06, 2021

Word count: 3220
Introduction

VietJet is the first Vietnamese private own airline, which began operating in 2011,
after several delayed attempts from 2008. The carrier became occupied the largest
market share in the domestic market with 43% after ten years and upgrades to 80
young average age airplanes. It operates services across Asia and has 149 routes,
including 54 domestic routes and 95 international routes (2021), reaching 100 million
domestic and international passengers (2020).

Macro-environment analysis
Analysing the macro environment is necessary to achieve a comprehensive view of
the air transport industry, therefore, predicting and planning the market issues in the
firm's strategies (David, 2009).

PESTEL Analysis
This report applies the PESTEL framework (Aguilar, 1967) to analyse the
Vietnamese aviation industry's five influential elements, which impact VietJet's
strategies. Political, Economic, Social, Technological, Environmental, and Legal
aspects will be discussed in the upcoming paragraphs.

Vietnam is a political stability country in South East Asia (UK's Government, 2021).
Participated in multilateral cooperation organisations such as APEC (1998), WTO
(2007), and various Free Trade Agreements; the popularity of air travel rose,
boosting revenue. Furthermore, the industry easily accesses up-to-minute
technology and enters the worldwide market. The government motivates aviation
growth by supporting policies to make it an essential factor in the country's
development (Vietnam's Government, 2018). However, the threats are foreign
competitors, who plan to enter the world's seventh fastest-growing airline market
(ITA, 2020).

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According to The World Bank (2020), Vietnam has fast economic growth through two
decades, which affects the air transport industry. Despite the Covid pandemic,
Vietnam’s economy expanded by 2.91% (2020), and it is ranked at the highest
growth rates in the world (IMF, 2021). Those resulted in the growth of foreign
investment, GDP per capita, tourism industry, and 20% growth in the aviation market
over the past five years. Vietnamese inflation proportion was forecasted to increase
by four percent in the next few years (appendix 1, Aaron, O., 2021). The problems
will appear with the fluctuation of input cost, including labor costs, subcontract tender
prices, and fuel prices (the main component of airline’s cost, approximately 20%, E.
Mazareanu, 2020).

In terms of social, the Vietnamese population will reach above 101 million in 2025
(Statista, 2020), and the total number of people under 35 years old has 55.5% of the
population (Population Census Report, 2019). This phenomenon provides a larger
domestic market and also a low-cost labor resource. However, the young population
structure and the increase of the middle class, which is expected to reach 26% by
2026 (Worldbank, 2020), require improvement to meet the instant gratification and
the better service quality in the social changes.

The development of technology creates several opportunities and challenges.

Vietnam will construct six new airports and upgrade most tourism airports (ITA,
2020); it will improve modern fleets, ground services, and open new entrants'
opportunity, threatening current players. Another, information technology (IT) and
internet growth create better conditions for the firm's customer service activities and
improve customer satisfaction. The airlines should maintain and upgrade their IT
systems regularly and monitor the social networks, a two-bladed knife; it dramatically
impacts the brand images.

The environmental aspect plays an essential role in this industry. Covid-19 and the
bad weather conditions resulted in decreased total flights in Vietnam by 31.9%
(Hanoitimes, 2020). It is a crisis. "Aviation's recovery from the COVID-19 crisis will
be a long-haul flight" (Eurocontrol, 2020); in an optimistic prediction, the Vietnamese
aviation industry will be recovery by 2023 (Hanoitimes, 2020). This downturn

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generates an obstacle for all start-up businesses. Besides, the encouragement in
reducing carbon footprint was implemented by all airlines. In 2017, VJC signed an
SFCO2 agreement, which reduced fuel consumption and CO2 emissions to save
input costs (AJOT, 2017). Companies’ action to save the green environment is not
only an illustration of their social responsibility, but it also contributes to their profit
maximization.

The new legislation brought an advantage for the airline companies' expanded
strategy and created a fiercely competitive market (Vietnamlawmagazine, 2019). The
maximum ownership percentage of foreign investors increased, attracting more
investment capital to current companies. On the contrary, the minimum capital for
airlines was reduced, creating threats from new participants. Nevertheless, the
approval for new airlines was banned until 2022 because of the impact of Covid 19
(Simple Flying, 2020). Many of Vietnam's start-ups are still awaiting government
approval after the recovery.

Porter’s Five Forces Analysis

The Five Competitive Forces shape the company's strategy (Porter, 2008). By
analysing suppliers' and buyers' bargaining power, the threat of new entrants and
substitutes, and the rivalry among existing players to understand VietJet's position
and competitive advantage in the Vietnamese aviation market.

The Vietnamese airline market has high bargaining power of suppliers. Boeing and
Airbus are two major suppliers who easily control nearly 99% of the market share
(CNBC, 2019). The firms often sign long-term contracts with their suppliers, who
provide favorable credit interest, so they do not have other selections to develop
their fleet. Another, the special requirement of labour resources is a challenge for this
industry. However, with the industry's investment plan, including the construction of
the new airports, improvement of ground services, and the development of training
systems (Vietnam’s Government, 2018), the air transport companies will be
benefited.

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The buyers have low bargaining power. First, the customers are highly price-
sensitive, while various businesses deliver a different levels of aviation services.
Each airline has a niche; Vietnam Airlines serves standard services, VJC and Pacific
Airlines are LCC, Bamboo Airways, and Vietravel Airlines focus on hub tourism
areas. Additionally, the benefit from internet growth helps the product's information is
easy to access, leading to low switching costs. Nevertheless, social media's
popularity and consumer protection regulation will significantly impact buyers' power
in the future.

Although the industry is the fastest-growing group globally, new entrants threat does
not hugely affect. Five existing firms have experience in flight operations and well-
known brands. It is a barrier for start-up businesses in this industry. Moreover, the
capital requirement is a big challenge, although the new regulation reduced the
minimum charter capital for newer (Vietnamlawmagazine, 2020). The preparation
time for a newer is too long; for example, Vietjet Air needed four years. Finally, the
close governments' regulations and the limitation of foreign businesses entering are
challenges for new players. A typical example is the four failures of AirAsia to enter to
Vietnamese market (Vnexpress, 2019).

The risk substitute is also an essential aspect with a medium level. For the domestic
market, the diversity of transportations creates a threat for flight firms. Consumers
can choose suitable forms of transportation, depending on the distance, time, and
price. The government's policies to upgrade transport infrastructure lead to
increasing other forms' competitive advantages in the future. However, in a fierce
competition market, the LCCs offer affordable tickets, and air travel is the fastest and
high level of convenient to compare with others.

This industry's competition is very intense with five companies in the market (graph
1) and a new player, Vietravel Airlines. The fixed costs are incredibly high; thus, it
makes firms hard to leave the industry. Before 2010, Vietnam Airlines (the nation
airlines) accounted for over 90%; the growth of Vietjet had changed the market
picture. Furthermore, it will adjust considerably under the pressure of new ambitious
players (Bamboo Airways is a subsidiary of the Vietnams' leading resort property

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group, and Vietravel Airlines is a new investment of Asia's leading travel agencies).
Therefore, each travel airline will conduct the appropriate strategies with their
targeted customers to maintain and increase their market share.

Graph 1: Market share in the domestic aviation industry in Vietnam 2019

(Vietnambiz, 2020).

Graph 2 is a summary of five forces analysts in the Vietnamese aviation market.

After considering all things, the key focus should be to deal with the upper level of
competition between the current players' rivalry (Spender, 2014). On the contrary,
the other areas of the model tend to rise in the future, but it is less threatening than,
thus, existing companies do not have to rely too much on these areas of their
strategic operations.

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Graph 2: Five Forces Analysis in Vietnamese Aviation Market

Strategy analysis

The report analyses VietJet's strategy by using the Blue Ocean Strategy concept.
Kim and Mauborgne (2005) argued that firms' strategic implementation impacts the
same industry businesses' success level. A Red Ocean refers to a competitive
market space; the Blue Ocean refers to a market space that has an unexplored
potential for rapid growth.

Like Southwest Airlines, VJC has transformed public opinion in the aviation industry
and built a new broad market. VietJet has changed people's transportation by
looking across the buyers and users’ chain (Path 3, Kim and Mauborgne, 2005) to
serve the target buyer group, leading to discovering the new ocean blue. The
Vietnam territory stretches over 1100 miles with many small cities scattered, raising
the demand for citizens' and visitors' transportation. However, the constraints of road
systems, safety, and travel time in land transport created potential air travelers at the
lower end of the market in most of the population. Additionally, Vietnam has a small
LCC market among six ASEAN countries in 2011 (CAPA, 2011), when the beginning
of VJC.

Using the Blue Ocean methodology, Graph 3 illustrates the people's transport
industry in Vietnam – average airlines, VietJet Air, and in land transport. The Strategy
Canvas identified the key factors that VJC competes on and then rated the VJC
offering and average airlines and Average express buses/coaches against. We found

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that VJC scored better than on seven key factors and more focused on frequent
point-to-point departer, price points, ease of buying travel, and ease of travel sectors.

Level of Competing (1-5)

Average Airlines
VietJet Air
2. Meals4. Average express
Choice of class and/ buses/coaches
or seat
6. Luxurious cabin 8. Speed 10. Friendly services
12. Price
14.Points
Ease of using travel solution

Graph 3: The Strategy Canvas at VietJet Air

1. Price 3. Lounges 5. Hub connectivity7. Marketing 11.ofFrequent
9. Choices point-to-point
destinations departer
13. Ease of buying travel

Analysing four action framework, which is reflected in graph 4, VietJet has

implemented some actions to build up its successful strategy:
1. Reduction in ticket prices and raise the level of price points. VietJet Air has
mainly taken A321ceos with new 240-seat configuration from 2018 (CAPA,
2017) instead of 230-seat from 2017 onwards. The increase in capacity raises
the revenue and helps to decline the average costs. The firm launched many
late-night flights, which discount up to 30% on airfares (VietJet Air, 2012)
because of the decline of input costs at off-peak times. Moreover, prices were
reduced by reducing complementary products that scheduled airlines
frequently served. The simplification of the service process (using web-

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 booking, self-check-in kiosks, and mobile tickets) contributed to improving the
service speed. It reduced the costs for resources such as labour costs.
2. Elimination of frills model and complementary services such as hub
connectivity, dedicated business class lounge, checked bags, meals, and seat
assignments were considered ancillary sales.
3. VietJet invested a massive budget in marketing and training activities to build
up its brand image and improve service quality. Although the "bikini marketing
campaign" was controversial during the initial period (similar to the advertising
of Virgin Atlantic in 2009), it made a strong impression; thus, VietJet was
famous by the nickname "bikini airlines" (BBC, 2017). The firm created a new
wind into the airline's marketing actions, which is more funny and familiar with
the beach tourist country like Vietnam. The firm also determined that
friendliness is one of its fundamental values and raises it in all training
processes (VietJet Air, 2020).
4. The company continuously expanded new destinations and increased the
flight frequency. It reached 139 routes in 2019 (appendix 4), and it also
created ten new routes in the Covid-19 period. VietJet tried to account for the
biggest domestic market share first, and then it developed the international
routes. The increase in the choice of destinations and frequently departer
improved its competitive advantage and revenue.
5. The internet growth helped VJC create new ways to combine airline tickets
with hotels and other travel services. For instance, the combo between VietJet
and resorts was introduced on its website with a wide range of selections. All
the travel sectors became its partners, and it raises the opportunities to earn
growth revenue.

With the initial slogan "Save more, Fly more", which is a part of the Blue Ocean
Strategy, VietJet has succeeded in developing the aviation market and making air
transport accessible to all tourists through affordably-priced safe-friendly-easy
aviation services. VJC has used Blue Ocean Strategy to reconstruct the market
share picture. From 2011 to 2016, VietJet Air increased its capacity rapidly (appendix
2). It accounted for the most significant market share in the domestic market till 2019
(appendix 3).

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 The scenario planning of VietJet's strategies
Royal Dutch Shell introduced scenario planning in 1965, and now it has had an
enormous influence on the process to plan the future of firms, government, and other
organisations around the world (Angela and Roland, 2013). This framework's
objective is not to predict the future accurately. However, it helps to identify,
understand, and develop the uncertain possible future scenarios that lead to
decision-making effectiveness (Schoemaker, 1995).
By using the result of PESTEL analysis and other sources, the impact/uncertainty
matrix (graph 4) was created to identify the two the most critical uncertainty factors,
and then construct the scenario matrix. They are fuel prices and the tourism industry.
• Fuel prices greatly influence all airlines' operations because it is an essential
input, accounting for 35% of total costs (VietJet Air, 2020). However, fuel
prices fluctuate frequently for some reasons such as trade war, political
instability in the Middle East, and the Covid pandemic. VietJet had delayed its
first flight from 2008 to 2009 due to a sharp increase in oil prices after the
2008 financial crisis.
• The airline industry and tourism have relevant interaction (World Tourism
Organisation, 1997). The airline firms often open the flight at potential tourism
areas. In 2020 and 2021, VietJet created ten new routes from Da Nang and
Phu Quoc, two of the most attractive travel destinations. Its competitors,
High impact
Bamboo Airways and Vietravel Airlines, focus on exploiting some hub tourism
Inflation
airports. Fuel price
Demographics Tourism industry
Green issue & climate change Covid Pandemic and other diseases
International trade regulation Economic growth
Government stability The Internet
Government policies Interest rates
Customer trends Global Events
Technology adoption Foreign exchange rates & commodity price
Taxation of air travel Development of alternative fuels

Predictable Uncertain
Health and saftety regurlation Saving levels
Airline industry standard Unemployment
Land traffic systems Scientific advances
Employment law Trade balances
Government spending
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Low impact
 Graph 4: The impact/uncertainty matrix

Using both sides of each element (negative and positive development), there are
four future scenarios for VietJet Air was created (Graph 5).

High Fluctuation of Fuel Price

Costs pressure
3 4
The quick recovery after the Covid pandemic
Theleads to the of
decreasing development of the tourism
the travel demand industry,
due to the while
decline thetourism
of the fuel prices fluctu
industry,

Increasing of the tourism industry Decreasing of the tour

Promised area
1 2
The quick recovery after the Covid The
pandemic leadsoftothe
decreasing thetravel
tourism industry's
demand development
due to the decline with the
of the stability
tourism in

Low Fluctuation of Fuel Price

Graph 5: Future Scenario Matrix

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 1. Promised Area
The Covid pandemic was controlled well, and international trades came back to
normal; the fuel prices change slightly. The increase in the number of tourists raises
the demand, the fill seating rate, and the number of flights. Besides, tourism growth
impacts the improvement of infrastructure, airports, and the quality of services. The
fuel costs remain stable at affordable prices helps VietJet offers cheap price tickets,
which is its competitive advantage. Therefore, in this scenario, the firm grabs the
opportunities to expand to new markets and grow remarkably. It continuously
focuses on the Blue Ocean strategy with affordable price-friendly services - easily
combined travel sectors. However, the company must prepare good plans to solve
the overload situations at the peak-time of tourism to control the quality and
guarantee customer satisfaction.

2. Adjustment
The decline of the tourism industry directly influences the turnover in human
transport activities, which accounts for the bigger total revenue. Nevertheless, similar
to the solution in 2020, VietJet raised the airline's cargo volume higher than 2019 by
16% that contributed to maintaining turned profit (Aerotime Hub, 2021). Additionally,
lower oil price means lower costs for airlines; the business can offer attractive
marketing campaigns or promotions for other targeted customers, such as
organisations for business travel, cargo transports, and charter flights. Adjusting the
routes and destinations will reduce the administration and operation costs.
Notwithstanding, the travel industry plays a vital role in the sustainable development
of aviation. VietJet has to coordinate with the government, other travel companies,
and even its competitors to identify the main reasons and solve the problems by
long-term solutions to improve the travel sector again.

3. Cost pressure
Maintaining the low-cost carrier strategy in increasing fuel costs and the number of
travelers is a challenge. From the Strategy Canvas (graph 3), the fuel price is a
crucial element of VietJet's strategy; higher fuel prices automatically eat into airline's
profits. First, the firm exploits the high fuel efficiency rate fleets with a fuel-saving
programme. Next, the increasing flight quantity can get a higher discount from the

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fuel suppliers. Another VietJet introduces fuel surcharges to ticket prices to counter
fluctuated oil costs like British Airways' method in 2004 (BBC, 2016). Fuel price
frequently changes, so that the company should be flexible to react quickly. However,
buying modern aircraft or using alternative fuel with stable prices and high operation
efficiency is a long-term measure.

4. The champion’s decline

The hypothesis is that the global pandemic continues for many years, the global
politics is unstable, centered on the Middle East and the US-China relations. VietJet
confronts a sharp crisis, which has declined domestic and international flights due to
the tourism industry's decrease, while the costs are increasing. Maintaining the Blue
Ocean Strategy, which focuses on travel sectors and low price, is difficult in this
period. The firm needs to survive by adjusting strategies to avoid bankruptcy like
Thai Airways in 2020. First of all, it considers the domestic market situation to plan
the combined methods with the government, travel companies, and resorts to
stimulate tourism demand. For example, the promotion combo includes air tickets,
hotels, and free destination tickets. Additionally, the airline reduces or eliminates
ineffective routes and focuses on busy flights. Saving-program applies to fuel costs
and other costs. Furthermore, VietJet can conduct solutions similar to the
"adjustment" scenario. Despite the profit's decline, all things to do for survival and
growth in the positive future rather than waiting and disappear.

Conclusion
VietJet had tremendous achievements through ten years from opening time; it is the
evidence for the success in its strategies, which focused on the Blue Ocean Strategy.
Vietnam's aviation market owns several favorable conditions for the growth of VJC in
the next ten years. However, the high level of competitiveness of the existing airlines
and the threats from some key factors, including the fuel price and the tourism
industry, influence the future strategies of VJC.

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Appendices

Appendix 1: Inflation rate from 2009 to 2025*(compared to the previous year)

(Statista, 2020)

Appendix 2: VietJet and Vietnam Airlines domestic weekly seat capacity: Sep-2011
to Mar-2016 (CAPA, 2016).

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Appendix 3: The changing in market share of Vietnamese airlines from 2012 to
2019 (MBS Research, 2020)

Appendix 4: VietJet Air’s route map (VietJet Air, 2020)

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