Vietnam's Vietjet Air, US's AV AirFinance sign $300mn deal to boost fleet growth

The agreement raises the airline’s trade with the U.S. to US$64 billion.

The agreement is part of a broader series of aircraft financing deals totaling over $4 billion that Vietjet has secured with leading U.S. financial institutions. These commitments aim to support Vietjet’s new fleet development plan, with the projected delivery of nearly 300 aircraft between 2025 and 2027.

Stephen Murphy, CEO of AV AirFinance, said “We are delighted to be a long-term strategic partner of Vietjet. This new commitment reflects our strong relationship and willingness to support Vietjet’s resurgent growth in the Asia-Pacific region via new generation aircraft.”

In 2025, Vietjet will begin taking delivery of the first batch of Boeing 737 MAX aircraft from its order of 200 aircraft, valued at over $24 billion. The deal was originally announced on February 27, 2019, in Vietnam, in the presence of U.S. President Donald Trump.

As part of its global growth strategy, the airline is currently in discussions to further expand this historic order.

In addition to its collaboration with Boeing, Vietjet has established long-term strategic partnerships with several major U.S. corporations, including GE, Pratt & Whitney, and Honeywell, with total contract values reaching approximately $50 billion. Ongoing negotiations are expected to add a further $14 billion.

Notably, Vietjet’s engine and technical service agreements with GE and Pratt & Whitney alone now exceed a combined value of $10 billion. The airline is also deepening its technology partnerships with leading U.S. firms, such as Microsoft, Apple, and Google, while exploring collaboration with SpaceX to integrate advanced technologies across its fleet. These high-value contracts are poised to contribute significantly to reducing the trade imbalance between Vietnam and the U.S. in the near future.

With a strategic focus on developing a modern fleet and a global flight network, Vietjet currently operates a fleet of over 115 new, fuel-efficient aircraft, with more than 400 additional aircraft on order.

AV AirFinance was established by a team of professionals together with KKR and focuses on arranging financing for commercial aircraft to airlines, lessors, cargo operators and investors.

Nguyen Thi Phuong Thao, chairwoman of Vietjet, affirmed that she was steadfast in her commitment to fostering global partnerships that help bridge cultures, economies, and technologies between Vietnam, the U.S., and the wider world.