Saigon Ground Services JSC (SGN) announced the termination of its ground handling service contract with Vietjet effective April 20, 2025, as the airline will handle its own ground services at Tan Son Nhat International Airport. This contract significantly impacted SGN’s revenue. Previously, SGN also ended its contract with Bamboo Airways due to long-standing debts. For 2024, SGN reported a net revenue of 1.518 trillion VND and a post-tax profit of 294 billion VND, but has not yet returned to pre-pandemic levels. SGN has signed new contracts with some international clients and is developing its business plan for 2025. It also invested in the formation of Saigon Long Thanh Ground Services Co., Ltd. for a 790 billion VND project at Long Thanh airport. SGN’s stock has decreased by 35% compared to two months ago.
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