Dubai-based lessor Novus Aviation Capital and low-cost carrier Vietjet Air have signed memorandums of understanding for an aircraft leasing vehicle and for the supply of sustainable aviation fuel (SAF) in Vietnam.

The pacts were signed during a visit by Vietnam prime minister Pham Minh Chinh to the United Arab Emirates for the COP28 climate conference.

Vietjet 737 Max

Source: Vietjet Air

Artist’s impression of three 737 Max variants - the Max 8, Max 200, and Max 9 - in Vietjet livery

The MOU for the financing vehicle will cover 15 aircraft that Vietjet has on order from Airbus and Boeing, that are slated for delivery from 2024. It will “comprehensively scale up” to help fund Vietjet’s future orders.

Cirium fleets data indicates that Vietjet has 84 Airbus aircraft in its fleet, with firm orders for 259 Airbus and Boeing jets. Of these, 150 are Boeing 737 Maxes and 109 are A320neo family jets.

The carrier’s Thai Vietjet Air unit, meanwhile, has 18 in service A320 family aircraft, with 50 737 Max 8-200s on order.

Novus and Vietjet also signed an MOU that will see the carrier working with Novus’s SAF initiative, SAF One, on the implementation of SAF in Vietnam.

“Our agreement with Novus will enhance Vietjet’s financial capacity to meet the needs of growth, investment, and expansion of our flight network and aircraft fleet in the coming time,” says Vietjet chief executive Dinh Viet Phuong.

“The use of sustainable aviation fuel is a crucial step in the sustainable development of the aviation industry, and Vietjet is proud to be at the forefront of airlines being committed to contributing to this collective effort.”