Nguyen Thu Tra_10190649_BBE_A2.

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Contents
Introduction.................................................................................................................................. 3

Major Findings............................................................................................................................. 3

1. PESTLE Analysis.............................................................................................................. 3

1.1. Economics................................................................................................................. 3

1.1.1. National..............................................................................................................3

1.1.2. Industry...............................................................................................................4

1.1.3. Market structure..................................................................................................8

1.2. Political & legal........................................................................................................... 8

1.3. Evironmental.............................................................................................................. 9

2. SWOT analysis............................................................................................................... 10

2.1. Strengths................................................................................................................. 10

2.2. Weaknesses............................................................................................................ 11

2.3. Threats..................................................................................................................... 11

2.4. Opportunities............................................................................................................ 12

Conclusion................................................................................................................................. 14

Appendix.................................................................................................................................... 14

Reference list............................................................................................................................. 14

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Introduction
Generally, before Covid-19, Vietnam aviation industry had a significant growth up which the
potential of the demands of air travel. However, Covid-19 spreads all around the World, which
brings harmful effects on the global economy, also the Vietnam business environment.
Especially, VNA is impacted strongly by Covid-19. In this research, the author helps the
company recovery this situation and improves the competing capability in Vietnam aviation
industry. The structure of report follows Porter's 5 forces and PESTLE model, which illustrate
the external factor of business environment then analyze the SWOT for the evaluation of the
interrelationships between external and internal factors. Moreover, the author give some
strategies for VNA should implement to improve with difficulty the current situation.

Major Findings
1. PESTLE Analysis
1.1. Economics
1.1.1. National
There are many factors in the country impacts business activities. The author focus on three
factors is GDP and inflation. GDP - gross domestic products that are the total of value finished
products in a given time period (tutor2u). In 2019, Vietnam economy developed dramatically,
approximately 7%, which was the highest in 10 years (World Bank, 2020) while the inflation
around 2,7%. So, the per capita income over USD 2000. The higher income, the more demands
of people. The year 2019 witnessed a growth up of the 103 million of visitors (tourism report,
2019). With the huge of visitors to Vietnam, the potential for airline industry become much
higher. For VNA, There were 29 million of international and domestics passengers commuting
(VNA annual report, 2019). With the low competition in the airline industry, VNA and its
competitors make more profit. Furthermore, based on GDP in 2019, Vietnam economy
forecasted grown-up stability in 2020 with a positive situation. However, Covid-19 affected
strongly to the economics of global. It affected strongly to Vietnam. Especially, tourism and
aviation industry. The passenger To prevent the spread of nCOV, most of the country closed
the airport, the airline stopped exploring the flight activities, and people implemented the
quarantine time strictly. So, the demand for the passenger to commute and travel was reduced
dramatically. Following the MPI report (2020), passenger transportation in Vietnam decreased
by 21,4% in quarter I/2020. It leads the result of the number of domestic passengers of VNA
decreased at the bottom because, at that time, there were no normal visitors, and it rarely had

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flights to explore the domestic route. In half of 2020, VNA loose USD 285 million. Based on the
interview Mr Duong Tri Thanh (2020), to maintain the business activities VNA unpaid leave over
50% employees and the board of directors reduce the salary because of the existing in nCov-
19. In conclusion, the external factor that GDP and Inflation impacted strongly to the business
activities of the firms.

1.1.2. Industry
To analysize the Vietnam aviation industry, the author uses Porter’s 5 forces

Threat of new entrants: low

The growth up of the aviation industry of Vietnam shows the large economics of scale in the
competition of three airline companies. The large economics of scale shows the potential of
aviation in 2019. The demands for air travel are increased significantly if the Covid-19 would not
spread. Although the government supports the new domestic entrants into the aviation industry,
it is difficult for the new entrants because of the strict conditions about the capital charter, the
specialized employees, and the relations between suppliers. Government control and give strict
the law to open the airline company despite supporting policy and encourage the new airline
company to have healthy competition. It depends on the capital charter and the economy of
scale. According to Decree No. 92/2016 / ND-CP, the regulations on conditional business lines
in the civil aviation sector is strict. The government divides two types of the condition of charter
capital between domestic and international transportation. The number of operated aircraft also
affects the new entrants' status, and they have to pass stringent government performance and
quality control. Furthermore, to compete with VNA, which is an experience airline company in
VN, the new entrants have less chance to occupy market share and expand the scale because
VNA has a reputation and the improvement in the business activities in the Vietnam airline
industry

Threat of substitutes: low

There are two available substitute services to replace airline, including road and railway. They
have a few opportunities to compete with the airline industry. The railway infrastructure is the
main reason for customers not using it. The deterioration of the track and carriage quality has
reduced customer appeal, even though the carriages have been newly built and upgraded.
Furthermore, the fare for the bed train was about VND 569,000 to VND 900,000 while the air

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ticket price is about VND 430,000 to about VND 750,000 for a ticket for route Sai Gon – Nha
Trang. So, when customers compare to the price of the ticket for each type of transportation,
commuting by plane is more affordable than by train. The time for commuting is also a reason
that makes customer consider about commuting by plane or train. Customers choose
transportation is suitable for their needs which depends on the distance and the destination. The
pros of the railway are the long route around from 300 to 1,000 kilometres (Thanh Thuy, 2019).
In recent years, the railway industry improves the quality of service and the rail but according to
the report of Vietnam Railway Corporation the number of passenger transportation above 8
million which much less than that of the airline industry, approximately 55 million passengers
(annual report, 2019). The reason to appeal the customer's commute by plane is VNA has
diverse price ticket for flight service which suit for mid-income hay high-income. The buyer
propensity to substitute is low and the high profit for the airline industry.

The bargaining power of buyer: low

Vietnam airline industry is a monopoly which is difficult to operate airline because of the entry
barriers from the government. Moreover, VNA is the price maker who can adjust the outputs
which influence the price of goods and services. If compare to the US Airline industry, which has
18 major airline companies, the passengers have various choices of travelling (Statista, n.d).
The US Airline market is high competition, so the American customers have more bargain
power and low profit for the US airline company. In contrast, Vietnamese passenger can not
deal with the airline company to discount the ticket price because VNA and other airline
company are the price makers. Furthermore, the price sensitivity of VNA’s customers is low
because most of the customer expense from VND 1,5 million to VND 3,2 million for per ticket,
account for 73% of medium and high-income segmentation customers (Nguyen Xuan Nghia,
2019). It shows the customers are satisfied with the ticket price. Although the low-powered
bargaining of customers, VNA provides high-quality service flights which are suitable for the
value of customer receiving through the process of commuting by aircraft. As a result, the price
of the ticket depends on the decision of VNA, so the customers have low power to bargain and
high profit for the VNA

The bargaining power of supplier: medium

For VNA, there are many inputs to complement the aviation business activities, such as aviation
gasoline, air catering service, or engineering service. VNA has strengths in the vertical scope,
which has the companies in the aviation supply chain. It helps VNA to react quickly to

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unpredictable fluctuations in the impacts of the external business environment. Basically,
aviation gasoline plays an essential role relevant directly to the aviation activities provided by
specialization suppliers. Aviation fuel company is limited in Vietnam because of the low-quality
infrastructure to reserve aviation fuel in the airport and fewer airline companies. VNA has
SKYPEC, a subsidiary of Vietnam Airlines JSC, which provides fuel aviation directly for the
aircraft (VNA annual report, 2019). It supports much for VNA activities and helps VNA reduce
gasoline input and increase revenue and profit of output. Furthermore, VNA does not depend on
the aviation fuel suppliers to act and prepare the fuel for flights. Moreover, ensuring that the
available aviation gasoline is enough for all of the aircraft.

Although the aviation industry is a special market, there is a diversity of manufacturing aircraft
companies in over the World, including Boeing, Airbus, Bombardier, and others (Vietnamnet,
2019). According to each company's annual report, their fleets are Boeing and Airbus aircraft,
the most popular civil aviation aircraft because of the design, the number of seats,
spaciousness, and distance flights. The fleet of Vietjet Air is Airbus aircraft, which are small
body, suitable for domestic flights and a short distance in the regional. VNA owns both Boeing
and Airbus, which fits each service flight, such as international flights and domestic flights
(annual report, 2019). So, the Vietnam aviation industry depends on the main aircraft suppliers
is Boeing and Airbus. However, there is a limitation in the number of airline companies in
Vietnam, so to enter the aviation market. The airline company deals reasonable price with
suppliers. The importance of the aviation industry directly affects to aircrafts suppliers’ profit.

As a result, although VNA provides aviation gasoline, air catering, and aviation plastic boxes by
itself, the power of suppliers is low. In contrast, the power of suppliers fleet is higher. To
summarize, the bargaining power in the Vietnam aviation industry is medium.

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The rivalry among the existing competitors: low

The market share in Vietnam Aviation Industry

Bamboo Others 7.2%
Airways
12.3%
VNA 33.3%

Vietjet Air
42.2%

Figure 1. The market share in Vietnam aviation industry in 2019

The pie chart illustrates the market share in Vietnam Aviation industry, which has the main 3
airline companies, including VNA, Vietjet Air and Bamboo Airways. There is low-competition in
this industry because of the allocation of the market share is not uniform for each firm. It is
difficult to enter the aviation market because of many barriers to entry the Vietnam market such
as strict policy when operating route-network, the capital charter and the number of aircraft. So
it limits the competitors while the high profit for firms in Vietnam Aviation industry.

Before Covid-19 pandemic spreads all around the World, Vietnam airline industry had significant
development. According to the Vietnam Tourism annual report (2019), Vietnam is a famous
destination which attracted over 18 million international passengers. With the evolution of
tourism, the aviation industry is a bridge to bring international visitors are much closer to
Vietnam destinations. VNA is the main airline company commuted over 13,2 million foreigners,
accounted for two-third passengers choose VNA for a flight to Vietnam. The reason for foreign
traveller commuted by VNA’s plane is the largest route-network. VNA is the national airline
company, so it has various national flights to passenger transportation. If compare to the Vietjet
Air which has low-cost flights, but it lacks the Europe flights, so the international passengers
choose VNA. Conclusion, VNA has a few competitors who have different target customer

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segment and the different strategy. The little rivalry among competitors brings a higher profit for
the airline company.

1.1.3. Market structure

The author determines the type of market through the quantitative method and qualitative
method. The first method is quantitative, which is calculated by the concentration ratio (CR). It is
measured by the company group's market share to define the market (Tutor2u, n. d). When the
low CR shows the higher competition in the market if CR approximately 100% of the market is
monopoly while CR > 60% of total market share, the market is an oligopoly (Kenton W., 2020).
Apply for the Vietnam aviation industry. VNA, Vietjet Air, and Bamboo Airways have the largest
market share, accounting for 33,3%, 42,2%%, and 12,3% (Vietnamnet, 2020). The sum of the
market share of the three companies is 87,8%. The concentration ratio of the aviation industry is
much more than 60% of the total market share. The market is an oligopoly.

The second method is qualitative. The aviation industry provides passenger transportation
services included domestic and international flights and other aviation services. The service in
this industry is different from other industries because airline services are relevant to the
country's air defense security. Hence, it is not easy to enter the market, and it makes sure that
the benefits for the country before the risk of foreigners. The government imposes strictly for the
new entrants included capital charter, the aircraft's quality safety, or economy of scale. Hence,
the high barriers for new entrants to the market. Furthermore, the airline industry is not a
monopoly market because there are 3 airline companies in the market in terms of VNA, Vietjet
Air, and Bamboo Airways. Three airline companies are the dominants in the Vietnam Aviation
market. They impose the price of products or services but interdependent behavior and have
the power to compete in pricing and engage the reasonable pricing which calls price maker
(tutor2u, n.d). It impacts competitors' ticket prices and the fewer impacts on passengers'
demand, which means inelastic demand of customers. They accept spending more money to
commute by plane which the convenient way, saving more time and safety than by traffic road
or railway. As a result, based on the quantitative and qualitative to determine Vietnam aviation
industry is an oligopoly.

1.2. Political & legal

Vietnam is the socialist republic country has only one party, following communism model. There
is no conflict opinion among parties like Western countries. It leads the Vietnam government to
unifíes opinions to create policies decrees suitable for socio-economic characteristics and limits
the Unstable political situation in the country. Basically, with a stable political and social, the

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economy has many advantages to develop. However, Vietnam economy based on a national
economy which under the strict control of the authority (digital information of government, n. d).
There are some limitations in the economy of communism. The limitation of information or
freedom of speech is a disadvantage for the company to transform information with the
partnership, such as exchange the information about the high-techniques.

To encourage the development of the Vietnam economy. Government has decrees and policies
to support the company. In August 2020, the European-Vietnam Free Trade Agreement
(EVFTA) took effect (MOIT, 2020). It opens many chances for the company to export, import
products and tourism. So, the demands of cargo transportation and the commute between
Europe country and Vietnam increase significantly. However, during Covid-19 situation spread
complexly, it is difficult for tourists and the commute activities service is suddenly interrupted.
Based on the interview Mr Duong Tri Thanh – CEO of VNA (2020), VNA focus on the cargo
transportation service instead of international passenger transportation. To cope with Covid-19,
VNA utilises the civil Aircraft to freight. In Vietnam aviation industry, only VNA has the largest
international route network with various destinations in Europe. Hence, EVFTA brings more
benefits for different fields; Airline is the support activities to make more productivity and profits
for the Vietnam economy.

1.3. Evironmental
In recent years, with the development of globalisation, air travel is necessary for people. The
environmental is an issue for the aviation company. Air pollution is particularly relevant to the
aviation industry and a significant threat to airline companies. It is a part of the reason make
people make disease, according to the United Nations report, around 7 million people died
because of air pollution. It the issue for the airline company has to take care of because of its
emissions 12% in the transportation industry (Tran Minh Trang, 2019). VNA ranked 14 in the
atmosphere airline index (2018) which indicate the efficiency of aviation gasoline, limited
emission CO2 to the air. However, it is not as efficient as foreign airline companies from Europe,
or American. To reduce CO2, the project CORSIA is Carbon Offsetting and Reduction Scheme
for International Aviation (Timperley J., 2019). The project for airline companies implement with
the goal is to reduce pollution from the aircraft. However, there are some barriers for VNA to join
the project (Trung Hieu, 2019). So, like different airline companies, VNA has a solution to limit
the air pollution by replacing the out-dated aircraft, which instead of the new models which
reduce 50% emission, 16% aviation gasoline (annual report, 2019). They are friendly with the

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environment and create a trust for the passenger in the responsibility of society by protecting
the environment. Nowadays, climate change is a popular topic. Passengers have awareness
about the carbon footprint release to the air by aircraft. It leads the airline companies to have to
increase the responsibility for the environment. Aviation airline also transforms into biology
fuels, which helps reduce air pollution.

2. SWOT analysis
Strengths Weaknesses
 Legal form, capital charter and size of  Job-hopping
the organization  On-time-performance of VNA lower
 Financial solidation before Covid-19 than a competitors
 Differentiated strategy

Opportunities Threats
 The demands of cargo transportation  Covid-19 pandemic affected Vietnam
increases economy
 The domestic market  the competition amongst the
 The policy supporting the aviation domestic flights of VNA with its
industry during Covid-19 competitors
 The power competitive of VNA  Limited aviation gasoline to the
environment
Figure 2. The table of SWOT analysis

2.1. Strengths
According to guest speaker CEO Mr. Duong Tri Thanh, VNA has potential finance to develop
and cope with a difficult situation such as Covid-19. The government has a policy and the
solutions for supporting the business activities of VNA. The capital charter is VND 14,000 billion
and the gross revenue of VNA was VND 100,316 billion (annual report, 2019). Hence, Strong
financial foundation is a prerequisite before Covid-19, which is the solution to cope with
challenges.

Furthermore, VNA has the differentiation strategy while Vietjet Air follows low-cost strategies,
and the only Bamboo is a hybrid airway. Each company has differences strategy to suit the
development of its. VNA is one of the first 4-stars service quality based on Skytrax criteria
(anual report, 2019). It makes differences in the mid and high-quality services for the potential
passengers. If compare to Vietjet Air have larger customers in the low-income segment, and

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they often commute by traffic road. For VNA, the business class passenger is the first target
customers who have high-income and less price sensitivity. Furthermore, there is a lack of high-
quality flights in Vietnam, and the passengers also have no chance to experience high standard
services. In contrast, most international airline has higher quality service than domestic airline
company. So passenger needs a high-quality service, especially businessman who is the
potential customers can spend more money on the flights (Thuy Linh, 2019). Business-class
passengers use the services like catering, entertaining at the business lounge and other
benefits if they have a membership card. VNA understands the customer needs and wants, so
they improve the quality service to appeal business class passengers. VNA has opportunities to
provide unique services to compete with competitors who have a wider target customers
segment.

2.2. Weaknesses
An organization has a few weaknesses which impact strongly on business activities. For VNA,
job-hopping situation and on-time performance rate are the weaknesses. According to the VNA
CEO, the company has to compete in retaining highly qualified employees with its competitors
like Vietjet Air and Bamboo. Because they give a higher salary and more compensation and
benefits for pilots. Especially in the aviation industry, which is a special field, employees have to
work in special conditions. Pilots and flight crews work under high pressure, so they want to
earn more salary—the average salary for Vietnamese pilots VND 150 million per month. In
contrast, the foreign pilot's salary maximizes VND 300 million per month (Viet Hung, 2019).
However, the salary of VNA pilots is lower than the average of the aviation industry. It leads the
strong competition in the human resource between VNA and its competitors. To solve problems,
VNA has to hire out-souring. It makes the cost of labor much higher. If VNA recruits new pilots
or aviation engineers, they have time-consuming and investment to train them from the
beginning.

The second weakness is on-time performance (OTP), which measures the flights are on time. In
the aviation industry, OTP is important to measure being on time. In 2019, OTP of VNA stood at
second-ranked behind Bamboo Airways, accounting for 89% and 93,9% (annual report, 2019).
From the VNA’s balanced scorecard, the VNA process's objectives improve the quality of flight
service based on the OTP. The key for performance of indicators OTP higher than 95%, which
is highest in Vietnam aviation industry to compete with others. OTP has many reasons, such as
extreme weather and technical difficulties (OAG, n.d). The crew's time flights are arranged, but
some external factors impact the take-off time, leading to the low OTP. It affects passenger

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satisfaction and retention in the next rebook the flight. For VNA to compete with competitors,
they have to improve much higher OTP to overcome Bamboo Airways and stands at the
highest-ranked.

2.3. Threats
The half begins of the year 2020 witnessed the dramatical reduction of Vietnam economics
because of Covid-19. It leads the aviation industry to cope with the decrease the revenue and
profit. IATA forecasted the economic damage of Vietnam aviation around VND 4 billion (Minh
Anh, 2020). Especially, the actual profit during half of the year around VND 2 billion. It shows
the challenges for VNA to cope with and VNA has strategies to reduce the losses. The financial
problems during Covid-19 is a big challenge for VNA to maintenance pay the cost of operating
business activities, including the cost of operation air parking, aviation gasoline and pay salary
for employees. The root of potential finance is the value of the passengers but during Covid-19
the demands of travelling decrease because people implement the quarantine time and lower
per capita income as a result of the threats for VNA from external factors.

Moreover, the second threat for VNA is the domestic flight's competition in the market. During
Covid-19, the limitation of international flights. It affected the number of international
passengers. Likely VNA, its competitors focused on exploring domestic route networks, with the
fare ticket and more promotions for passenger although a few flights per day (số liệu cụ thể) for
aircraft sometimes worked. Hence, the main factor impact on the VNA business activities is the
Covid-19 pandemic and to cope with this situation, VNA has to change the strategies that
compete with other airline company in the domestic industry. However, it brings the overlap new
threat that competition in the country.

2.4. Opportunities
In general, although Covid-19 impacted strongly on the Vietnam economy, not only many
opportunities for Vietnam aviation industry but also for VNA, in the half of the begins witnessed
the dramatical decrease in the revenue of VNA and it losses USD 285 million. It impacted the
trend of the industry that changing service transportation. The reduction of passenger
transportation makes VNA changing concentration on cargo transportation. According to the
interview CEO VNA (2020), during 6 months, VNA increased 2,500 flights for international
cargo transportation, mainly medical supplies from Vietnam to Europe. Nevertheless, most
cargo transportation flights bring meaningful humanitarian assistance, so the profit and
revenue nearly zero if even losses. However, VNA's reputation increased more than in the past
and created trust with the passenger and the partnership. Furthermore, during Covid-19, the

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trending aviation market was changed. VNA, Vietjet, and Bamboo focus on exploring the
domestic market, the aviation industry's roots market. Lastly, VNA's power in the aviation
industry is shown in Porter’s 5 forces with low competition and high profit.

Interrelationship between internal and external factors of VNA

SO (Stregths – Opportunities) strategy
According to the SWOT analysis, VNA has many strengths to catch opportunities during Covid-
19. VNA is a large organization with 21,255 employees and a large route network, including
international and domestic destinations, creating good conditions for VNA to promote its
strengths in cargo transportation. During Covid-19, most of the countries the closed airport and
implement quarantine time. However, with the serious situation, the demands for medicinal
transportation increase dramatically. So, cargo transportation is the main service that VNA
focuses on developing. VNA is also a national airline. It implements international flights by
shipping medical products. As a result, the company increase revenue from cargo transportation
service instead of passenger transportation.

ST (Strengths – Threats) strategy

Based on SWOT analysis, to limit the actual situation’s threats during a pandemic, VNA uses its
differentiated strategy to cope with the domestic market's threat that the competition amongst
the domestic flights. VNA is the first 4-stars service quality following the Skytrax criteria (annual
report, 2019). It makes VNA increase its reputation to compete with its competitors in the flight
domestic market. While Vietjet Air follows the low-cost carrier (LLC) model with a low-cost price
to attract from low-range to mid-range segment passengers, Bamboo Airways is the hybrid
model that combines traditional airline low-cost carriers, which overcomes the disadvantages of
traditional and LLC. Compared to Vietjet Air, VNA is the model full cost service that provides
various high price services. The segment passenger is mid-range and high-range income, and
VNA focuses on the business class passenger who regularly commutes by air travel and is less
sensitive to the ticket price. It helps for VNA to compete with the threats from competitors in
flights domestic market. Especially during Covid-19, VNA should explore the domestic market to

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overcomes its competitors in the mid-range and high-range passenger income segment. As a
result, with its differentiated strategy, VNA is completely to cope with competitors' threats.

Devise some strategies that VNA should implement in the current business environment.

Based on the SWOT analysis and the relationship between key internal and external factors of
VNA. VNA's strategy in the current business environment is to focus on cargo transportation
and passenger transportation in the domestic market and the differentiated strategy in the high
quality of service for mid-range and high-range segment customers. This helps VNA maintain
no.1 in the aviation industry and cope with the business environment's threats.

Conclusion
In conclusion, this report shows clearly the analysis of the external and internal factors which
impact on business activities of VNA during Covid-19 based on both of Porter’s 5 forces,
PESTLE model and the SWOT to findings the efficient strategies to suit with the VNA to recover
and improve the competitive capability in Vietnam aviation industry.

Appendix
Charter capital condition The number of explored aircrafts
Domestic International
VND 300 billion VND 700 billion 10
VND 600 billion VND 1,000 billion From 11 to 30
VND 700 billion VND 1,300 billion Above 30
Figure for 1.1.2. Porter’s 5 forces (Threat of new entrants). The decree No. 92/2016 / ND-CP
the regulations on conditional business lines in the civil aviation sector

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