Dinh Viet Phuong, Vietjet's vice president, shooks hand with John Meakin, Managing Director, Global Head of ECA aircraft financing of JPMorgan Chase at the signing ceremony. — VNS Photo

WASHINGTON (Biz Hub) – Vietjet signed a memorandum of understanding (MoU) with Honeywell Aerospace to select Honeywell's APU and Avionics, as a source for the airline's future fleet worth US$56 million.

The signing ceremony on July 8, in Washington D.C. was witnessed by Nguyen Phu Trong, general secretary of the Communist Party of Viet Nam, on his first official visit to the US to celebrate the 20th anniversary of the normalisation of the US-Viet Nam relations.

Under the agreement, the MoU calls for both parties to explore more opportunities for Vietjet to select and install Honeywell's auxiliary power units (APUs) and avionics suite for its new aircraft to be delivered from now until 2017.

Last year, Vietjet selected Honeywell to supply, manage and maintain the 131-9A APU for the airline's new fleet of 21 A320/A321 aircraft.

The world's leading aerospace company will also provide training and insight to Vietjet on the Honeywell Operating System, which is one of the company's key enablers and is built on the foundation of Six Sigma to drive productivity improvement.

The MoU will also help the two parties work closely to exchange best practices and knowledge in airline operations and management as well as the latest aerospace technologies.

"We are delighted to sign this MoU and look forward to deepening the relationship with and partnering Vietjet to meet their long-term goals by sharing best practices and providing training," Briand Greer, president of Honeywell Aerospace in Asia Pacific, said.

As a leading global aerospace company with the broadest portfolio in the industry, Honeywell is well placed to offer unique products and solutions to Vietjet, helping them operate more safely, efficiently and reliably," he said.

During General Secretary Nguyen Phu Trong's visit to the US, VietJet has also inked an MoU with JPMorgan Chase in order to pave the way for the US bank to advise and arrange financing in ECA (Export Credit Agency) supported aircraft purchase and lease for Vietjet's current and future contracts.

"JPMorgan's strong track record in ECA financing, coupled with its extensive global network and resources, puts us in a strong position to support Vietjet's airline fleets and international routes expansion," John Meakin, managing director and global head of ECA aircraft financing at JPMorgan Chase, said.

Also on June 8, Vietjet and The Boeing Company also signed a memorandum of collaboration (MOC), paving the way for both sides to research and develop future business opportunities, during a ceremony at the U.S. Chamber of Commerce. – VNS