Vietjet (VJC) Signs Lease for 10 COMAC C909 Aircraft to Expand China Routes

Overview

Vietjet Aviation Joint Stock Company (VJC) signed a financing lease agreement with SPDB Financial Leasing for 10 COMAC C909 aircraft on April 16, 2025, during a state visit by Vietnam’s Party General Secretary and President To Lam to China. The deal, structured as an operating lease, is primarily intended to expand Vietjet’s flight network between Vietnam and China, capitalizing on recovering travel demand and addressing aircraft supply constraints from traditional manufacturers.

Key Facts

• Vietjet signed a financing lease agreement with SPDB Financial Leasing for 10 COMAC C909 aircraft on April 16, 2025.
• The agreement was signed during the state visit of Vietnam’s Party General Secretary and President To Lam to China.
• The lease is structured as an operating lease (thue van hanh).
• COMAC C909 (formerly ARJ21) is a short-to-medium range jet with 78-95 seats and a range of 1,200-2,000 nautical miles.
• Vietjet has already deployed the C909 on routes from Hanoi and Ho Chi Minh City to Con Dao.
• Vietjet recently launched 5 new direct routes to China: Hanoi-Hangzhou, Hanoi-Yanxi, Hanoi-Huangshan, Ho Chi Minh City-Guiling, and Ho Chi Minh City-Huangshan.
• SPDB Financial Leasing is a subsidiary of Shanghai Pudong Development Bank, a major Chinese financial institution.

What Happened

Vietjet and SPDB Financial Leasing signed a financing lease agreement for 10 COMAC C909 aircraft on April 16, 2025, according to a company announcement. The deal was finalized during the state visit of Vietnam’s Party General Secretary and President To Lam to China, highlighting the strategic importance of the partnership. The aircraft will be acquired under an operating lease model, providing Vietjet with flexibility in fleet management.

The COMAC C909, previously known as the ARJ21, is a regional jet manufactured by China’s COMAC. It has a capacity of 78-95 passengers and a range of 1,200-2,000 nautical miles, making it suitable for short-to-medium haul routes. Vietjet has already introduced the C909 on domestic routes between Hanoi/Ho Chi Minh City and Con Dao, and plans to deploy the new aircraft primarily on routes between Vietnam and China. The carrier recently added five new direct routes to Chinese destinations, reflecting its focus on the China market.

Market Context

Vietjet (VJC) closed at VND 176,000 on April 15, 2026, up 5.82% with volume of 2.5 million shares, indicating positive market sentiment. The aviation sector in Vietnam remains heavily dependent on Airbus and Boeing aircraft, with major carriers like Vietnam Airlines, Bamboo Airways, and Vietravel Airlines operating these fleets. However, significant order backlogs at both manufacturers have extended delivery timelines, creating opportunities for alternative suppliers like COMAC. Vietjet’s move to add COMAC aircraft positions it to capture growing travel demand between Vietnam and China while mitigating supply chain risks.

Strategic Significance

This agreement represents Vietjet’s strategic pivot to diversify its aircraft sourcing beyond traditional Western manufacturers, reducing dependency on Airbus and Boeing amid global supply constraints. By partnering with a Chinese lessor and manufacturer, Vietjet gains access to early delivery slots and alternative financing channels. The focus on Vietnam-China routes aligns with the strong recovery in bilateral travel and trade, supported by recent visa policy relaxations and infrastructure improvements. The operating lease structure also preserves capital for other investments, enhancing financial flexibility.

What to Watch

• Delivery timeline for the 10 COMAC C909 aircraft and any additional orders.
• Vietjet’s Q2 2026 earnings report for impact on load factors and route profitability.
• Expansion of the Vietnam-China route network and passenger traffic data.
• Any further cooperation between Vietnamese carriers and COMAC or Chinese financial institutions.
• Regulatory approvals and operational performance of the C909 on international routes.