Vietjet inks $420 million deals in the UK

Monday, Nov 01, 2021 10:42

Left to right: Rolls-Royce representatives, Vietjet Managing Director Dinh Viet Phuong (3rd) and Vietjet President & CEO Nguyen Thi Phuong Thao at the agreement signing event.— Photo courtesy of Vietjet

Vietjet and Rolls-Royce signed an agreement to provide engines and engine services for the airline’s coming widebody fleet with a total value of approximately US$400 million.

The signing ceremony on Sunday was witnessed by Prime Minister Pham Minh Chinh and high-ranking dignitaries of Viet Nam and the UK during the Prime Minister’s attendance at COP26, the 26th United Nations Climate Change Conference of the Parties.

"The Trent 700 has the lowest lifetime fuel burn and the best economics on its aircraft type. In addition, our TotalCare service will help Vietjet maximise the value of its engine assets and increase time-on-wing performance,” said Ewen McDonald, Chief Customer Officer of Rolls-Royce Civil Aerospace.

The Trent 700 is the only engine specifically designed for this wide-body aircraft and is widely recognised for its outstanding efficiency and reliability. Since its launch in 1995, the Trent 700 has logged more than 60 million hours in service.

Left to right: Willis Towers Watson Limited Managing Director in aviation James Coventry; Gallagher Limited UK Senior Partner in aerospace Martin Trumper and Vietjet Managing Director Dinh Viet Phuong exchange the signed reinsurance certificates. — Photo courtesy of Vietjet

Vietjet Managing Director Dinh Viet Phuong said he believed that the Trent 700 engines would bring a technology breakthrough to Vietjet’s fleet, helping improve flight range and quality and thereby boosting the aircraft’s technical reliability and operational efficiency.

"We hope this partnership will also contribute to trade promotion between Viet Nam and the UK, creating more jobs for people and businesses of the two countries while making the connectivity between continents more convenient and economical in the future," he said.

The same day also saw a reinsurance certificate covering Vietjet’s entire fleet globally inked between the budget carrier and the world-leading insurance brokers Gallagher (UK) Limited and Willis Towers Watson Limited.

Vietjet’s reinsurance certificate for its fleet has been updated and renewed annually since the airline first took-off in late 2011. The newly signed deal is worth $20 million, covering Vietjet’s entire fleet of aircraft registered in Viet Nam and abroad.

With a comprehensive network in Viet Nam and the Asia Pacific, Vietjet looks to further expand its wings across continents thanks to its new and modern fleet. — VNS

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