Vietnam Airlines signs financial agreement with ING

This landmark partnership will support key strategic projects, enhance Vietnam Airlines' competitiveness, and accelerate the expansion of its international flight network.

The event took place in the presence of Prime Minister Pham Minh Chinh at the Vietnam-France Business Forum in Paris.

Prime Minister Pham Minh Chinh (middle) witnessed the MoU signing between Vietnam Airlines and ING. Photo: Vietnam Airlines

Through this MoU, ING reaffirms its strong interest to arrange financing for major initiatives that will boost Vietnam Airlines’ operational capacity and global reach. ING is also offering advisory support, capital arrangement services, and long-term collaboration on future strategic developments.

Le Duc Canh, executive vice president of Vietnam Airlines, shared, “We are delighted to partner with ING, a leading European financial institution with a global network and extensive experience in aviation financing, as well as strong collaboration with reputable export credit agencies around the world. This is a large-scale financing package that holds special significance as Vietnam Airlines continues its recovery journey following a challenging period.”

“Having a financial partner like ING by our side not only reflects confidence in our management capabilities, financial transparency, and long-term strategic vision, but also opens up access to sustainable and strategic funding sources. Through this collaboration, Vietnam Airlines will be better positioned to advance its plan to expand its global flight network, reinforcing our position on the international stage and reaffirming our role as Vietnam’s national flag carrier,” he added.

Jason Ong, country head for Vietnam and Indonesia at ING, commented, “Vietnam Airlines is a vital enabler of international connectivity and a growth engine across Asia. We are proud to deepen our relationship with Vietnam Airlines as a strategic partner and trusted advisor. This MoU reflects our shared ambition to expand global reach, and our commitment to responsible financing that supports long-term, sustainable progress in the aviation sector.”

This agreement marks a significant milestone in a longstanding partnership. In 2015, ING arranged a $570 million loan to finance four wide-body aircraft for Vietnam Airlines. During the COVID-19 pandemic, ING also supported the airline by restructuring loans worth approximately $80 million, helping to alleviate cash flow pressures and ensure operational continuity through unprecedented challenges.

Also at the Vietnam-France Business Forum, Vietnam Airlines and Safran Electronics & Defense under Safran Group announced an MoU for the deployment of the Cassiopée™ Alpha solution, dedicated to the decoding and analysis of flight data. This solution will enable Vietnam Airlines to comply with flight safety regulations.

The MoU signing between Vietnam Airlines and Safran Electronics & Defense. Photo: Vietnam Airlines

The flight data analysis system allows the detection of situations that pose a safety risk, non-compliance with aircraft limits, and standard operating procedures. Additionally, the system helps monitor and continuously measure to identify trends in flight operations, support incident investigations, and maintain aircraft reliability. The implementation of this solution contributes to improving flight safety, supporting preventive maintenance, thereby improving the efficiency of Vietnam Airlines' operations.

Based on the current cooperation, both parties will sign an official contract for the Cassiopée Alpha solution, replacing the Cassiopee AGS software that Vietnam Airlines previously used.

The cooperation agreements signed this time mark an important step in the journey of digital transformation and sustainable development of the airline. This is not only an internal effort to improve competitiveness, but also clearly demonstrates Vietnam Airlines' pioneering role in strengthening Vietnam's global connectivity. Simultaneously, these agreements also contribute to strongly promoting the international integration process of the national aviation industry, helping Vietnam Airlines become a leading carrier in Asia.

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

Safran is an international high-technology group operating in the fields of aeronautics (propulsion, equipment, and interiors), space, and defence. With a presence on every continent, the group employs 100,000 people.

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