|Representatives of Vietnam Airlines, ST Engineering Aerospace and another airline partner sign an agreement on studying the establishment of an airframe maintenance joint venture in Vietnam on February 6 – PHOTO: COURTESY OF VIETNAM AIRLINES
Under the deal, the three parties will study the establishment and operation of the joint venture by exploiting VNA’s technical facilities at Noi Bai and Tan Son Nhat international airports and other local airports in the coming months, including Long Thanh International airport.
The joint venture will bring more aircraft and added value to Vietnam. Also, it will enhance the technical capability of Vietnam’s aircraft maintenance sector as well as the competitiveness of the national flag carrier, Duong Tri Thanh, general director of VNA, said at the signing ceremony on February 6.
ST Engineering Aerospace President Lim Serh Ghee noted that the new joint venture will create opportunities for the firm to expand its network of aircraft maintenance facilities in the Asia-Pacific region, which is considered one of the company’s key markets.
The company last year had set up its first airframe maintenance facility in Vietnam through a partnership with Vietnam Airlines Engineering Company, a subsidiary of Vietnam Airlines.
In the next decade, aircraft fleets and the demand for aircraft maintenance and repairs in the Asia-Pacific region are forecast to rise by 4.5% and 5% per year, respectively.
The new partnership will enable ST Engineering Aerospace to develop its rich expertise in providing airframe maintenance, repair and overhaul services, while the two airline partners will leverage their networks for regional business expansion.