Self-Performing Ground Services at Tan Son Nhat: Billionaire Nguyen Thi Phuong Thao’s Airline Could Save Up to 500 Billion Annually?

The Saigon Ground Service Corporation (SAGS) has announced the termination of its ground service contract with Vietjet Air at Tan Son Nhat Airport, as Vietjet will now manage these services in-house. Vietjet, a major contributor to SAGS’ revenue with around 600 billion VND in 2024, representing 39% of total revenue, could save hundreds of billions annually with this shift. Following the announcement, SAGS’ SGN shares fell sharply to 65,900 VND. While losing a key customer, SAGS is looking to expand its services and find new clients. Vietjet currently holds a 9.11% stake in SAGS. In March 2025, SAGS decided to establish the Saigon-Long Thanh Ground Service Company, with SAGS holding 75% ownership, to launch new services at Long Thanh Airport.