Vietnamese carrier Vietjet and Castlelake signed a memorandum of understanding (MoU) to finance four aircraft that have been valued at $560 million.
As part of the MOU - Castlelake intends to provide financing for four new, modern Airbus A321neo aircraft under Vietjet’s existing order with Airbus – with the aircraft being delivered within 2024.
“The agreement signed today aligns with Vietjet's strategy to expand its fleet and global flight network. Backed by international financing, Vietjet continues to provide safe, comfortable, and cost-effective flights on new, modern aircraft, connecting travellers to exciting global destinations,” said Dinh Viet Phuong, Vietjet chief executive officer.
He added: “Our services not only enhance tourism but also drive economic growth and foster cultural exchange among countries and continents.”
With the new aircraft Vietjet will further expand its network both in Vietnam and internationally, adding new destinations in Australia, India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Malaysia, Laos, Cambodia,
Chris Buckley, partner and aviation chief commercial officer at Castlelake added: “Castlelake is pleased continue building its relationship with Vietjet and to support Vietjet’s mission to provide exceptional aviation service through our finance leasing solutions. We look forward to pursuing this transaction and exploring more opportunities to grow the business with Vietjet in the future.”
The transaction follows a financing agreement that was completed in 2023 for three Airbus A321neo aircraft and lays a foundation for future cooperation on financing agreements related to Vietjet’s rapidly growing fleet.