Vietjet and Novus Aviation Capital, a global aircraft leasing and financing platform headquartered in the United Arab Emirates, signed memorandum of understandings to establish an aircraft financing and leasing vehicle and to collaborate on the supply of sustainable aviation fuel (SAF) in Vietnam alongside SAF One, Novus’s established and dedicated SAF platform.

The signing ceremony took place in the presence of Prime Minister Pham Minh Chinh during his official trip to attend the 28th Conference of the Parties (COP28) on climate action in Dubai.

The vehicle will initially provide financing and acquisition of 15 new aircraft ordered by Vietjet from Boeing and Airbus, with deliveries scheduled for 2024. The vehicle is expected to scale up to further finance Vietjet’s future orderbook. In addition, Vietjet will join forces with SAF One for the development, supply and usage of sustainable aviation fuel in Vietnam.

“Partnering with Vietjet on these ventures is a testament to Novus Aviation Capital’s commitment to advancing the aviation industry through developing innovative solutions and structures,” Hani Kuzbari, co-CEO of Novus Aviation Capital, said. “This partnership will facilitate Vietjet’s growth and delivery of its new fleet to meet its long-term aviation strategies. Our collaboration with Vietjet through SAF One to develop, deliver and supply technology-agnostic SAF solutions in Vietnam is a testament to our dedication to provide global solutions to the industry.”

“Our agreement with Novus will enhance Vietjet’s financial capacity to meet the needs of growth, investment and expansion of our flight network and aircraft fleet in the coming time,” Dinh Viet Phuong, CEO of Vietjet, said. “The airline will also apply advanced solutions in line with global aviation trends, thereby providing high-quality air travel products to serve customers worldwide. The use of sustainable aviation fuel is a crucial step in the sustainable development of the aviation industry, and Vietjet is proud to be at the forefront of airlines being committed to contributing to this collective effort.”