Vietjet invests VND 285 billion in aircraft maintenance unit, expands Starlink
This Aveluro analysis covers VJC (Vietjet Air) on HOSE in the Travel & Leisure sector. The classified event type is strategic partnership, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vietjet Aviation Joint Stock Company (VJC) announced a board resolution to contribute VND 285 billion (95% stake) to establish International Technical Services, a new aircraft maintenance and aviation technical services company. This follows a VND 250 billion capital injection into Galaxy Pay, its e-wallet subsidiary, to fund Starlink satellite internet services. The company also reported strong H1 2026 results with consolidated revenue up 44% year-on-year.
Key Facts
- Vietjet contributes VND 285 billion, representing 95% of the charter capital of International Technical Services, which has total charter capital of VND 300 billion.
- On July 13, 2025, the Ministry of Construction approved Vietjet as investor for aircraft maintenance hangars No. 3 and No. 4 at Long Thanh International Airport, with total investment of VND 1,543 billion on 8.4 hectares.
- Construction of the Long Thanh maintenance facility began in August 2025; it will have capacity to service at least six aircraft simultaneously and operate until December 31, 2050.
- On August 13, 2025, Vietjet’s board approved an additional VND 250 billion capital contribution to Galaxy Pay, raising total investment to VND 300 billion (six times the initial VND 50 billion).
- Galaxy Pay’s e-wallet was rebranded to SkyPay from January 1, 2026, to comply with Circular 41/2025/TT-NHNN.
- On May 20, 2026, Vietjet signed an in-flight internet service contract with Starlink Services Vietnam LLC, the sole authorized Starlink provider in Vietnam.
- H1 2026 consolidated revenue reached VND 51,536 billion, up 44% year-on-year; Q2 revenue was VND 30,499 billion, up 71%. Net profit after tax for H1 was VND 1,372 billion.
What Happened
Vietjet’s board has approved the establishment of International Technical Services, a new company focused on aircraft maintenance and aviation technical services. Vietjet will contribute VND 285 billion, holding 95% of the charter capital, with the remaining 5% held by other investors. The company aims to enhance technical capabilities, increase self-sufficiency in fleet maintenance, and optimize operating costs. It will gradually expand to serve other domestic and international airlines.
This move follows Vietjet’s earlier investment in building aircraft hangars at Long Thanh International Airport, approved by the Ministry of Construction in July 2025. The project, worth VND 1,543 billion, is already under construction and will provide maintenance capacity for at least six aircraft simultaneously.
Separately, Vietjet increased its capital in Galaxy Pay, its e-wallet subsidiary, by VND 250 billion to VND 300 billion. The additional funds are earmarked for Starlink satellite internet services, following a contract signed with Starlink Services Vietnam in May 2026. Galaxy Pay’s e-wallet was rebranded to SkyPay in January 2026 to comply with new regulations.
Market Context
Vietjet (HOSE: VJC) closed at VND 123,400 on August 20, 2026. The aviation sector in Vietnam is recovering strongly, with passenger traffic and ancillary services growing. Vietjet’s expansion into maintenance and in-flight internet aligns with its strategy to diversify revenue streams beyond passenger transport. The company’s H1 2026 results show robust demand, with revenue growth of 44% and a 71% surge in Q2, reflecting a strong rebound in travel.
Strategic Significance
For long-term investors, Vietjet’s vertical integration into aircraft maintenance is a strategic move to reduce reliance on third-party MRO providers, which can be costly and capacity-constrained. The Long Thanh facility will not only serve Vietjet’s own fleet but also potentially generate third-party revenue. The Starlink investment positions Vietjet as a premium carrier offering high-speed in-flight connectivity, which can boost ancillary revenue and customer loyalty. These initiatives are part of a broader effort to improve cost efficiency and enhance the passenger experience, which could support margin expansion over time.
What to Watch
- Progress of the Long Thanh maintenance facility construction and any updates on operational start date.
- Adoption rate of Starlink in-flight internet and its impact on ancillary revenue per passenger.
- Vietjet’s Q3 2026 earnings report to see if revenue growth momentum continues.
- Any further capital injections into Galaxy Pay or other subsidiaries.
- Regulatory developments regarding MRO services and foreign ownership in Vietnam’s aviation sector.