Vietjet Air Signs Lease for 10 COMAC C909 Aircraft, Diversifying Fleet

Overview

Vietjet Air (VJC) has signed a lease agreement with SPDB Financial Leasing for 10 COMAC C909 aircraft, diversifying its fleet and securing earlier delivery amid a global aircraft shortage. The deal positions Vietjet as one of the first international operators of the Chinese-made plane, carrying both strategic advantages and pioneer risks.

Key Facts

• Vietjet Air and SPDB Financial Leasing signed an operating lease agreement for 10 COMAC C909 aircraft.
• The deal is the largest cooperation between Vietjet and a Chinese financial institution in the aircraft sector.
• Global aircraft backlog for Airbus and Boeing exceeds 13,000 units, equivalent to 7-10 years of production.
• New orders for the A320neo family (Vietjet’s main fleet) placed after 2023 face delivery delays until 2029-2031.
• COMAC has delivered approximately 130-150 C909 (ARJ21) aircraft as of early 2026, mainly to Chinese state-owned airlines.
• Vietjet operates a fleet of over 100 Airbus aircraft with an international network across Asia.
• The C909 lease offers Vietjet delivery slots 1-3 years earlier than new Airbus/Boeing orders.

What Happened

According to information on Vietjet Air’s website, the company and SPDB Financial Leasing have signed a financing lease agreement for 10 COMAC C909 aircraft. The two parties agreed on an operating lease structure for 10 aircraft, marking the largest cooperation to date between Vietjet and a Chinese financial institution in the aircraft sector.

For Vietjet, this is an opportunity to access additional aircraft supply amid a global shortage. Data from Airbus and Boeing shows their combined backlog exceeds 13,000 aircraft, representing 7-10 years of production. For the A320neo family, Vietjet’s mainline aircraft, new orders placed after 2023 face delivery timelines extending to 2029-2031. The C909 lease allows Vietjet to receive aircraft 1-3 years earlier than comparable new orders from Western manufacturers.

Market Context

Vietjet Air (VJC) closed at VND 176,000 on April 15, 2026, up 5.82% with volume of 2.5 million shares. The stock trades on HOSE in the Travel & Leisure sector. The global aircraft shortage has pressured airlines worldwide, with delivery delays constraining capacity growth. Vietjet’s move to diversify its fleet with Chinese-made aircraft reflects a strategic response to these supply constraints, though it introduces operational risks given the C909’s limited international track record.

Strategic Significance

The lease agreement represents a strategic pivot for Vietjet, offering earlier delivery slots and potential cost advantages compared to Western aircraft. By becoming an early international operator of the C909, Vietjet gains access to a new supply source in a market dominated by Airbus and Boeing. However, the airline must navigate certification, maintenance, and operational challenges in international markets, as COMAC’s aircraft have primarily been operated domestically in China. The deal also strengthens ties with Chinese lessors, potentially opening further financing avenues.

What to Watch

• Certification progress for C909 operations outside China, including approvals from Vietnamese and international aviation authorities.
• Vietjet’s Q2 2026 earnings release for commentary on fleet utilization and cost impacts.
• Delivery timeline for the first C909 aircraft under the lease agreement.
• Any additional lease or purchase agreements with COMAC or other Chinese lessors.
• Operational performance metrics (dispatch reliability, fuel efficiency) of the C909 in Vietjet’s network.