This content is part of Boeing's annual Commercial Market Outlook (CMO), which has the furthest forecast range in the industry and is considered the most comprehensive analysis in the aviation industry. The forecast was released on October 24 in Hanoi and October 25 in Ho Chi Minh City.
“Vietnam’s aviation industry has grown dramatically over the past five years, tripling passenger traffic and doubling the fleet,” said Darren Hulst, Boeing’s vice president of commercial marketing. “With the fastest-growing middle class in Southeast Asia and strong domestic and international tourism growth, Vietnam is becoming one of the fastest-growing aviation markets in the world.”
Mr. Darren Hulst, Vice President of Commercial Marketing at Boeing, speaks at a press conference in Ho Chi Minh City.
Annual GDP growth of more than 6%, a rapidly expanding middle class and a thriving tourism industry have all driven the domestic market in Vietnam to expand fourfold – from 800,000 seats per month (2009) to 3.3 million seats per month (2019). Single-aisle aircraft are expected to remain the dominant aircraft in Vietnam’s domestic and regional fleet, with the number of domestic flights increasing 3.5 times over the past decade, from 5,340 flights per month (2009) to 18,680 flights per month (2019).
Globally, Boeing forecasts that over the next 20 years, demand for new commercial aircraft will reach 44,040 aircraft valued at $6.8 trillion; demand for after-sales services will total $9.1 trillion.
The opportunity to expand long-haul routes is also driving demand for wide-body aircraft. Over the past year, 50 new international destinations have been launched from Vietnam, and wide-body aircraft built with new technology will help Vietnamese airlines in the future to serve two of the largest untapped markets from Vietnam to North America, such as Ho Chi Minh City to Los Angeles, and Ho Chi Minh City to San Francisco.
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