Vietjet Vice President Hồ Ngọc Yến Phương (middle) and CFO of Changi Airports International  (CAI) Tan Ee exchanged the agreement. — Photo courtesy of Vietjet

SINGAPORE — Vietjet and Changi Airports International (CAI), the international arm of Changi Airport Group, have signed a strategic partnership agreement worth US$1.5 billion to develop the provision of aviation services at airports in Việt Nam and in the region.

The signing ceremony on Friday was witnessed by Vietnamese President Nguyễn Xuân Phúc, high-ranking dignitaries of Việt Nam and Singapore, business representatives of the two countries during the Vietnamese President’s official visit to Singapore.

The signing marks the first time that a private corporation and an airline in Việt Nam collaborated with an international airport group to develop aviation services and facilities. The parties will cooperate in the research and development of projects at airports in Việt Nam, which include green, sustainable and smart infrastructure development projects.

Eugene Gan, CEO of Changi Airports International, said: “We believe that our expertise and geographical experience in managing airports around the world will add value to Vietjet and related partners in raising development and management standards to optimise airport-related operations; hence promoting economic development, boosting connectivity in Việt Nam and in the region."

“Through the partnership with an industry expert such as Changi Airports International, we seek to contribute to the development and improvement of aviation services standards in Việt Nam and in the region," Nguyễn Thanh Hùng, Vietjet Vice Chairman of the Board of Directors, said.

"The partnership further expresses our commitment to economic development goals, especially in aviation and sustainable development. The signing is significantly crucial in the context that the two countries are gradually opening up in a post-pandemic environment, creating more motivation for Vietjet to further expand its flight network in Việt Nam and international markets,” he said. 

The same day, Vietjet and ST Engineering signed a comprehensive component Maintenance-By-the-Hour (MBH™) contract to support the airline’s entire fleet.

Vietjet Vice President Hồ Ngọc Yến Phương (second from left) and President of Commercial Aerospace at ST Engineering Lam Wai Meng Jeffrey exchanged the contract under the witness of Vietjet President & CEO Nguyễn Thị Phương Thảo. — Photo courtesy of Vietjet

Under the contract, ST Engineering will provide Vietjet with a full suite of component support solutions covering component pooling, repair, overhaul, modification, main base kits, component health monitoring and logistics services for the airline’s entire fleet.

Vietjet Vice President Hồ Ngọc Yến Phương said: “We value the fact that ST Engineering can provide on-site MRO services as well as leverage their global component support network to support our international flight operations 24/7.  We are assured that they will be a reliable partner to support the flexibility in our technical operation and maintenance as we focus on expanding our flight network internationally.”

 “The component MRO facilities together with life-cycle support capabilities in our global network will be able to provide excellent support to Vietjet’s fleet. When combined with our comprehensive component solutions, we are confident in helping Vietjet achieve significant cost-savings and enjoy operational reliability at the same time,” Jeffrey Lam, President of Commercial Aerospace at ST Engineering, said. — VNS