SINGAPORE — Vietjet, Vietnam’s largest airline by passenger numbers, announced a series of aircraft engine and financing agreements worth about $6.1 billion on Tuesday, underscoring both its aggressive expansion plans and Vietnam’s ambitions to become a regional aviation and financial hub.
The announcements, made during the Singapore Airshow 2026, included deals with the U.S. engine manufacturer Pratt & Whitney and the global investment firm Pacific Investment Management Company, known as Pimco. Vietjet also launched the Asia-Pacific Aviation Financial Hub, a new platform aimed at channeling global capital into aviation and related industries across the region.
Engine and Financing Deals With U.S. Partners
Under the agreement with Pratt & Whitney, Vietjet selected the company’s engines and maintenance services to power 44 Airbus A321neo and A321XLR aircraft, models widely used by airlines seeking longer range and lower fuel consumption. Separately, Pimco, which manages roughly $2 trillion in assets, will provide aircraft financing as Vietjet prepares to take delivery of hundreds of planes over the coming decade.
While financial terms beyond the headline figure were not disclosed, aviation analysts said the deals reflect growing confidence among international investors and manufacturers in Southeast Asia’s aviation market, even as airlines elsewhere grapple with supply chain disruptions and higher borrowing costs.
A New Aviation Finance Hub in Ho Chi Minh City
At a launch event at the Shangri-La Hotel on Tuesday evening, Nguyen Thi Phuong Thao, Vietjet’s chairwoman, described the Asia-Pacific Aviation Financial Hub as “a strategic milestone” for Vietnam and the region.
Located within the planned Vietnam International Financial Centre in Ho Chi Minh City, the hub aims to operate as a “one-stop, multi-service” platform linking aircraft financing, airport infrastructure, maintenance and repair services, and logistics. Vietjet is a founding member.
Vietnamese policymakers have in recent years promoted Ho Chi Minh City as a regional financial center, and state media have framed the initiative as part of a broader effort to attract foreign capital and expertise into high-growth sectors, including aviation.
Rapid Growth in Vietnam and Southeast Asia
Vietjet carried 28.2 million passengers last year, surpassing the national flag carrier, Vietnam Airlines, which transported 25.6 million. As of September, Vietjet operated a fleet of 121 aircraft and had nearly 600 more on order — one of the largest backlogs in the global airline industry.
The airline’s expansion mirrors broader trends across Asia-Pacific. According to a recent report by Alton Aviation Consultancy, eight of the world’s 10 fastest-growing aviation markets are in Asia. Beyond China and India, Southeast Asia — particularly Indonesia, Vietnam and the Philippines — is emerging as a key driver of global air travel growth.
International bodies such as the International Air Transport Association and major aircraft makers have similarly forecast that rising incomes, urbanization and expanding middle classes in Asia will fuel demand for air travel for decades.
For Vietjet, the combination of large-scale aircraft orders, deepening ties with U.S. firms and the launch of a regional finance hub signals a strategy that goes beyond low-cost travel — positioning the airline, and Vietnam, as central players in the future architecture of global aviation. (hz)