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Vietjet Signs Finance Lease Agreement for 10 COMAC Aircraft

Vietjet Signs Finance Lease Agreement for 10 COMAC Aircraft
Vietjet has formalized a finance lease agreement for ten COMAC C909 aircraft, marking a pivotal advancement in its efforts to expand its international flight network and modernize its fleet. The signing ceremony was held on April 16 at the Vietnamese Embassy in Beijing, attended by Deputy Prime Minister Phan Van Giang, senior government officials, and representatives from prominent Vietnamese and Chinese enterprises. This event coincided with the state visit of Vietnam’s General Secretary and President To Lam to China.
Strategic Partnership and Financial Framework
The agreement, established in collaboration with Shanghai Pudong Development Bank (SPDB), capitalizes on the bank’s financial capacity and expertise in large-scale project financing. Under the terms, Vietjet will acquire the aircraft through operating leases, with both parties committing to an expanded and deeper partnership. This arrangement is anticipated to optimize Vietjet’s fleet operations, diversify its financial resources, and improve access to international capital markets.
The introduction of the COMAC C909 into Vietjet’s fleet is expected to facilitate the gradual deployment of these aircraft on routes connecting Vietnam and China. This supports the airline’s regional network expansion and strengthens bilateral air connectivity, contributing to the broader aviation value chain in both countries.
Industry Context and Regional Implications
Despite the strategic benefits, industry analysts have raised concerns regarding the reliability and maintenance costs associated with the C909 model, which may pose operational challenges as Vietjet integrates the new aircraft. The decision also reflects intensifying competition among Southeast Asian carriers. Vietjet’s expansion is likely to provoke competitive responses from regional rivals. For example, Air China’s Shandong Airlines currently leases Boeing 737s, while Chinese airlines are scheduled to receive 33 COMAC C919 deliveries in 2026, highlighting a growing trend of Chinese aircraft leasing within the region.
During the state visit, Vietjet also announced the launch of five new routes between Vietnam and China: Hanoi–Hangzhou, Hanoi–Enshi, Hanoi–Huangshan, Ho Chi Minh City–Guilin, and Ho Chi Minh City–Huangshan. These routes aim to connect key economic, cultural, and tourism hubs, supporting the Vietnam–China Tourism Cooperation Year.
Strengthening Bilateral Cooperation
The agreement underscores the increasing collaboration between Vietnamese and Chinese enterprises, particularly between financial institutions and airlines. These partnerships are fostering more flexible and effective cooperation models, contributing to the ongoing development of the Vietnam–China comprehensive strategic partnership. This development also reflects broader shifts in the regional aviation landscape, signaling deeper integration and cooperation between the two nations.

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