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Vietnam’s Vietjet, Sovico ink $1.5bn deal with Singapore’s Changi Airports International

Vietnam’s Vietjet, Sovico ink $1.5bn deal with Singapore’s Changi Airports International

Monday, February 28, 2022, 11:41 GMT+7
Vietnam’s Vietjet, Sovico ink $1.5bn deal with Singapore’s Changi Airports International
Vietjet vice-president Ho Ngoc Yen Phuong (middle) and CFO of Changi Airports International (CAI) Tan Ee exchange the agreement on providing aviation services at airports in Vietnam worth $1.5 billion in Singapore on February 25, 2022. Photo: Vietjet

Budget carrier Vietjet and Sovico Group of Vietnam and Singapore’s Changi Airports International (CAI) have signed a strategic partnership agreement worth US$1.5 billion to develop the provision of aviation services at airports in Vietnam and in the region.

The signing ceremony was conducted last Friday by the representatives of Sovico Group, Vietjet and CAI, the international arm of Changi Airport Group, Vietnamese airline said in a press release issued on the same day.

The event was witnessed by Vietnamese State President Nguyen Xuan Phuc, who was on a state visit to Singapore, and high-ranking dignitaries of Vietnam and Singapore, as well as business representatives of the two countries.

This strategic partnership agreement marked the first time that a private corporation and a private airline in Vietnam had collaborated with an international airport group in Singapore to develop aviation services and facilities.

Accordingly, the parties will cooperate in the research and development of projects at airports in Vietnam, which include green, sustainable, and smart infrastructure projects.

“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 optimize airport-related operations, hence promoting economic development, boosting connectivity in Vietnam and in the region,” said Eugene Gan, chief executive officer of CAI.

The CEO affirmed that CAI’s approaches always prioritize sustainability with close attention to the global ecosystem and surrounding catchment.

Vietjet's vice-chairman Nguyen Thanh Hung stated that his firm seeks to contribute to the development and improvement of aviation service standards in Vietnam and in the region through the partnership with an industry expert such as Changi Airports International.

“The partnership further expresses our commitment to economic development goals, especially in aviation and sustainable development,” Hung said.

He emphasized that the strategic partnership agreement is crucial in the context that both Vietnam and Singapore are gradually opening up in a post-pandemic environment, creating more motivation for Vietjet to further expand its flight network in Vietnam and international markets.

CAI, with years of airport management and development knowledge, is performing a broad range of cooperation to play a part in enhancing standards of airports globally.

Accompanying Vietjet, Sovico Group has always been a pioneer in aviation development in Vietnam and in the region by strengthening international collaborations that develop aviation facilities, bringing benefits to the industry in Vietnam as well as residents and travelers domestically and internationally, the press release says.

Vietjet has resumed its entire domestic flight network and operated a series of international flights from and to Vietnam, while looking to expand operations across continents in the near future.

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Vinh Tho / Tuoi Tre News


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