Representatives of ST Aerospace and Vietnam Airlines at the Vietnam-Singapore Business Forum in Singapore. (Source: channelnewsasia.com) Singapore (VNA) – Vietnam Airlines and SingaporeTechnologies Aerospace Ltd (ST Aerospace) signed a memorandum of understanding(MOU) on April 26 to establish a joint venture for aircraft maintenance.
Taking place at the Vietnam-Singapore Business Forum inSingapore, the signing of the MOU was witnessed by Vietnamese Prime MinisterNguyen Xuan Phuc, who is on the second day of his official visit to thecountry.
The joint venture is earmarked to be headquartered at theNoi Bai International Airport in Hanoi and to provide Vietnam Airlines andother airlines across the region with ST Aerospace’s Maintenance, Repair andOverhaul (MRO) solutions, with an average capacity of 17,500 aviation machines ayear.
The partnership will enable Vietnam Airlines to save time andcosts as its planes’ maintenance and repairs will be done in Vietnam instead ofsending abroad like at present.
Both sides also entered a component Maintenance-By-the-Hour(MBH) contract to support Vietnam Airlines’ fleet of A321 planes. Under the MBHcontract, ST Aerospace will set up an inventory base in Vietnam to providetimely services to the national flag carrier.
Vietnam Airlines Executive Vice President Dang Ngoc Hoa saidthe partnership represents a major step forward for Vietnam’s aviation industryin general, with Vietnam Airlines being at the forefront of the process.
He added his belief that it will contribute significantly toVietnam – Singapore ties in economics-trade and aviation development.
ST Aerospace President Lim Serh Ghee said robust growth ofthe economy and middle class have created an ideal environment for the developmentof the aviation industry in Asia Pacific, noting that Vietnam’s double digitgrowth in the air travel sector is the best reflection of the situation.
Strategic partnerships with established industry playerssuch as Vietnam Airlines will help ST Aerospace increase its foothold in theregion and high-growth markets, he said.-VNA
VNA
