The new firm is expected to meet the growing demand for aircraft repair and maintenance in Vietnam and the Asia-Pacific region.
Under the MOU, the three sides will explore the establishment and operation of the joint venture by utilising VNA’s technical facilities at the Noi Bai and Tan Son Nhat airports as well as other Vietnamese airports in the future, including the planned Long Thanh Airport.
Speaking at the signing ceremony on February 6, VNA’s chief executive Duong Tri Thanh said the joint venture will bring more added value to Vietnam, which will enhance the technical capability of Vietnam’s aircraft maintenance staff as well as the competitiveness of the national carrier.
For his part, ST Engineering Aerospace President Lim Serh Ghee said the new joint venture will help to expand the company’s offerings to include component and airframe maintenance, repair and overhaul (MRO) services for its customers.
ST Engineering Aerospace already established its first component MRO facility in Vietnam with VAECO, a subsidiary of Vietnam Airlines, in September 2019.
It is forecast that aircraft fleets and maintenance demands in the Asia-Pacific will increase by 4.5% and 5% per year, respectively, in the next decade.
