In 2023, the number of air passengers carried in Vietnam stood at 64.42 million. Historically, the sector saw a robust growth trajectory from 2013 to 2019 with year-on-year variations often in double digits. However, the COVID-19 pandemic significantly impacted the sector, causing a steep decline of 40.31% in 2020 and a further 53.56% drop in 2021. The market displayed a strong recovery in 2022 with a remarkable 266.69% year-on-year increase, reflecting pent-up demand and an easing of travel restrictions. This rebound continued into 2023 with a further 19.07% increase.
Looking ahead, forecast data suggests a steady growth trend with the number of air passengers expected to reach 91.455 million by 2028. The forecasted 5-year CAGR is anticipated to be 5.51%, indicating a moderate but healthy growth over the coming years with an overall forecasted growth rate of 30.77% from 2024 to 2028.
Future trends to watch for include potential fluctuations due to global economic conditions, evolving consumer travel preferences post-pandemic, investment in aviation infrastructure and policy changes related to international travel and sustainability initiatives in Vietnam's aviation sector.
