‍HANOI — Vietnam Airlines (VN) is betting big on boxes, and not just in the cargo hold of a few passenger jets. The airline just announced plans to launch a full-fledged cargo airline by 2026, riding on the back of a freight market that’s been nothing short of explosive.

The decision came straight from the top during the carrier’s shareholder meeting on June 25. According to CEO Lê Hồng Hà, the airline won’t just keep hauling freight in belly space. Instead, it’s gearing up to build an entirely separate cargo unit under its brand, with its aircraft, infrastructure, and operations. For Vietnam’s national airline, this is a significant shift, and it’s coming at just the right time.

Freight Isn’t Just Supporting the Airline; It’s Leading It

Let’s be real. For many airlines, cargo was the side hustle that evolved into the main business when COVID-19 hit. And while most carriers have returned to chasing passengers, Vietnam Airlines has recognized the long-term potential in focusing on freight.

In the second quarter of 2025, cargo made up around 65 percent of the airline’s total revenue. That’s huge. The airline generated a pre-tax profit of approximately 1 trillion Vietnamese dong (US$40.8 million) during that quarter alone. If the current pace holds, it could close the first half of the year with a record-breaking 4 trillion dong (US$153 million) in profit, and freight is the reason.

Old Planes, New Life: A321s Get the Cargo Treatment

So, how is VN planning to kick off its new cargo chapter? By repurposing what it already owns. Several Airbus A321s from the current passenger fleet are being converted into freighters. These P2F (passenger-to-freighter) conversions are expected to wrap up by the end of 2025, giving the new cargo airline a head start when it officially launches the following year.

But that’s not all. The airline also plans to lease dedicated freighters to scale up faster and handle international cargo routes more efficiently. It’s a smart way to grow without burning through cash too quickly.

Logistics Hubs in the Making: Long Thành (DLI) and Gia Bình (QBN)

Vietnam Airlines isn’t just talking about aeroplanes. The long-term goal here is to become a serious logistics player. That means hubs. Two key airports – Long Thành Airport (DLI) near Ho Chi Minh City and Gia Bình Airport (QBN) up north near Hanoi – are being lined up as the backbone of the airline’s future cargo operations.

These locations will be more than just places to load and unload goods; they will also serve as hubs for logistics and distribution. The vision is to turn them into high-capacity logistics zones that can compete with other regional freight giants in Bangkok, Kuala Lumpur, and Singapore.

Why the Timing Feels Just Right

There’s a reason this announcement is happening now. Global freight demand isn’t slowing down. E-commerce is booming across Asia. Supply chains are shifting. Airlines that invested early in dedicated cargo fleets are now starting to see significant returns.

At the same time, fuel prices remain volatile, and geopolitical tensions persist in the background. However, VN appears to be ready to deal with that. The airline says it’ll stay flexible by using leased aircraft, building strong partnerships, and focusing on digital cargo services to streamline booking and tracking.

It’s not just about flying from point A to point B. It’s about building a more intelligent, faster cargo network that delivers value for businesses and profit for the airline.

Not the Only One in the Game, But Playing It Differently

Vietnam Airlines (VN) isn’t the only airline leaning into dedicated cargo operations. IndiGo (6E) recently launched freighter services using converted A321s, targeting short- to medium-haul routes, similar to VN's plans. On the other hand, Atlas Air (5Y) operates freighters through ACMI contracts and leasing arrangements, which mirrors Vietnam Airlines’ strategy.

While Vietnam Airlines hasn’t disclosed exact details about leasing freighters yet, its strategy to start with narrowbody A321 conversions shows it’s taking a practical and scalable approach to building cargo capacity. 

What This Means Moving Forward

The airline hasn’t revealed the exact name of the new cargo unit yet, but one thing’s clear: this isn’t a side project. It’s a significant shift in strategy.

Expect to see converted A321 freighters flying regionally by 2026, with leased wide-bodies likely to follow depending on demand. Long Thành (DLI) and Gia Bình (QBN) will become essential to moving Vietnam’s exports, and if everything lines up, this could position Vietnam Airlines as one of Southeast Asia’s top air cargo carriers in just a few years.

It’s a bold move. But looking at how much of the airline’s income is already coming from freight, it’s probably the smartest one.

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