Nguyen Thanh Hung, Vice Chairman of Vietjet's Board of Management and Ryuichi Murata, Chairman of Mitsubishi UFJ Lease & Finance Company Limited signed the landmark MOU in Tokyo on September, 2015. — VNS Photo

TOKYO (Biz Hub) – Mitsubishi UFJ Lease & Finance Company Limited (MUL), a member of Japan's Mitsubishi UFJ Financial Group, will finance Vietjet's leasing and acquisition of three brand new A321 aircraft, worth US$347.2 million.

This commitment follows a memorandum of understanding inked between the two sides on September 15 in Tokyo on the sidelines of the official visit of Nguyen Phu Trong, general secretary of the Communist Party of Viet Nam, to Japan.

The signing ceremony was witnessed by Japan's Prime Minister Shinzo Abe and General Secretary Trong.

These three aircraft are part of a contract signed earlier between Vietjet and European aircraft manufacturer Airbus to purchase and/or lease a total of 107 aircraft in the coming years.

As planned, Vietjet will receive 10 to 12 new aircraft every year until the above contract with Airbus is complete. The airline has so far taken delivery of eight A321s and A320s.

Under the MoU, MUL and Vietjet will also work together to share best practices in airlines operations and management. –VNS