Dubai-based aircraft lessor Novus Aviation Capital has signed a memorandum of understanding (MoU) with Vietjet Air for the financing and leasing of 10 aircraft over the next 18 months. The investment is valued at approximately USD 1.3 billion at list price, encompassing a combination of operating and finance leases. The aircraft will be a mix of single-aisle aircraft from Vietjet’s order book.

The new deal comes shortly after Vietjet took delivery of its fifth aircraft through Novus, an Airbus A321NEO, growing its fleet to 68 aircraft at an average age of 2.8 years.

Currently, Vietjet operates around 400 flights daily, carrying more than 80 million passengers to date, with 119 routes covering destinations across Vietnam and international destinations such as Japan, Hong Kong, Singapore, South Korea, Taiwan, mainland China, Thailand, Myanmar, Malaysia, Indonesia and Cambodia.

Hani Kuzbari, managing director at Novus Aviation Capital, said, “With over 100 million people, a growing middle class, and an increasingly de-regulated aviation industry, Vietnam is one of the most interesting markets for our industry. Novus Aviation Capital is now in its 25th year and we have marked this milestone with our partnership with Vietjet.”