VietJetAir (VJ, Hanoi Noi Bai International) has signed a memorandum of understanding (MOU) with Dubai-based Novus Aviation Capital to "explore the establishment" of an aircraft financing and leasing vehicle and a second MOU with Novus subsidiary SAF One Energy Management Limited to "collaborate" on sustainable aviation fuel (SAF) supplies in Viet Nam.
The first concrete result from the MOUs will be the financing of 15 new aircraft ordered from Boeing and Airbus, with deliveries set to begin in 2024. The statement accompanying the December 2, 2023, agreement signing, said the financing and leasing vehicle was "expected to comprehensively scale up to further finance VietJet’s future orderbook".
According to ch-aviation fleets data, the LCC has 259 aircraft on order at both manufacturers, including eighty-eight A321-200Ns, one A321-200NX, twenty A321-200NY(XLR)s, fifty B737-8s, and 100 B737-8-200s. VietJet has initiated several measures so far this year to cover the costs of aircraft payments as they fall due, including issuing shares and signing similar financing deals with other lessors.
"Our agreement with Novus will enhance VietJet’s financial capacity to meet the needs of growth, investment, and expansion of our flight network and aircraft fleet in the coming time," said VietJet CEO Dinh Viet Phuong.
The second MOU with SAF One will work on the development, supply and usage of SAF in Vietnam. SAF One calls itself "a development platform" and is a joint venture between Novus and Sencirc Holding Ltd, an Abu Dhabi Global Markets investment company. SAF One was established earlier this year, and its website indicates it will invest in the infrastructure to produce and supply SAF to the industry. The weekend's statement said the MOU's intent is to "develop, deliver and supply technology agnostic SAF solutions in Vietnam." However, unlike the aircraft financing MOU, there was little information on timelines or specific targeted outcomes.
Separately, VietJet has also confirmed the signing of a comprehensive partnership agreement with Lao Airlines (QV, Vientiane). On the same day, VietJet started a scheduled service between Ho Chi Minh City and Vientiane, becoming the only operator on the route. The agreement allows the Laotian carrier to tap into VietJet's growing international network as well as share maintenance, technical, and training resources.
