Vietnam Airlines and Air Lease reached and signed comprehensive restructuring agreements covering the leasing of 18 aircraft, including 12 Airbus A321neo and six Boeing 787-10 aircraft, on extended terms and revised lease economics closely tailored to the recovering economies and air travel in Vietnam and Southeast Asia.

Air Lease agreed to support Vietnam Airlines on the basis of its high appreciation of the airline’s restructuring plan, as well as its belief in the prospect of Vietnam Airlines’ recovery and development. The support agreement with Air Lease is an important achievement for Vietnam Airlines in its efforts to restructure and overcome the COVID-19 pandemic.

Air Lease is currently the largest aircraft lessor for Vietnam Airlines, with a total of 16 aircraft belonging to the latest generation of aircraft lines, including 12 A321neo aircraft and four B787-10 aircraft in operation.

With a fleet of more than 100 aircraft, Vietnam Airlines has a relatively high proportion of aircraft costs in its total cost structure. With many flight routes suspended because of the COVID-19 pandemic, the large-scale fleet has created considerable pressure for the airline. Therefore, restructuring the fleet and cutting costs are strategic short-term goals for the airline.