Maintenance and repair of aircraft’s components, software will be carried out in Vietnam. (Photo: VietnamPlus)
Hanoi (VNA) – Vietnam Singapore Technologies Engineering Aerospace (VSTEA), a joint venture between Vietnam Airlines Engineering Company (VAECO) and Singapore Technologies (ST) Engineering Aerospace, made its debut in Hanoi on September 26.
The establishment of the VSTEA followed a deal between VAECO and ST Engineering Aerospace signed in April last year, marking the first and only joint venture of aircraft components maintenance and repair company in Vietnam to date.
Necessary infrastructure will be built to serve the VSTEA’s aircraft components maintenance, repair and overhaul (MRO) services at Vietnam Airlines’ existing maintenance facilities at the Noi Bai International Airport in Hanoi and the Tan Son Nhat International Airport in Ho Chi Minh City.
The VSTEA will provide the MRO services to both domestic and international airlines, which cater to such current aircraft as the Boeing 787, Airbus A350, A320, A321, and ATR 72, as well as technical assistance in avionics, hydraulic, pneumatic, electro-mechanical equipment, wheels, brakes, and emergency equipment.
President and CEO of Vietnam Airlines Duong Tri Thanh said ST Engineering Aerospace is one of the world's largest MRO service providers in terms of scale and development capability.
“We believe this cooperation will bring significant benefits to both Vietnam Airlines and ST Engineering Aerospace in the growing aviation industry, marking the beginning of more fruitful collaboration in the future,” Thanh said.
“The establishment of the VSTEA enables Vietnam Airlines to integrate itself into the vast component MRO network while seizing opportunities to master the latest developments in aviation technologies in response to increasing needs towards sustainability of Vietnam’s aviation sector,” he added.
Lim Serh Ghee, President of ST Engineering Aerospace, said Asia is a key market that drives the growth of the global commercial aerospace industry.
He said his company is delighted to partner with Vietnam Airlines to set up its first facility in Southeast Asia outside Singapore.
“Combining Vietnam Airlines’ high-quality aviation talent and ST Engineering’s vast experience and expertise in MRO, our new joint venture will bring to the market world-class maintenance services that keep operators’ aircraft flying safely and smoothly.”
Delegates and guests pose for a photo at the launch of Vietnam Singapore Technologies Engineering Aerospace (VSTEA), the first and only joint venture of aircraft components maintenance and repair company in Vietnam. (Photo: VietnamPlus)
Nguyen Thi Phu Ha, Vice Chairwoman of the State Capital Management Committee, congratulated the establishment of the VSTEA, saying Vietnam Airlines has greatly contributed to the development of the aerospace industry, including supporting services like aircraft maintenance and repair.
The establishment of this joint venture demonstrates Vietnam Airlines’ reputation in MRO services and its success in calling foreign investment for the MRO industry.
The aviation market of Vietnam and Asia – Pacific, forecast to have the fastest growth rate in the world, is expected create positive motivation for aircraft maintenance and repair industry in the region.
National flag carrier Vietnam Airlines is now operating 95 routes to 22 domestic and 29 international destinations with an average of 400 flights per day.
It boasts one of the youngest and most modern fleets in Asia, including the Boeing 787-9, Boeing 787-10 Dreamliner, Airbus A350-900 XWB, and the Airbus A321neo.
In 2019, the State-owned airline was certified as a four-star carrier for the fourth consecutive year by Skytrax, the world-leading airline and airport rating organization.
ST Engineering is a global technology, defense and engineering group specializing in the aerospace, electronics, land systems, and marine sectors.
Its aerospace sector provides integrated aerospace services and solutions through a global network of facilities and affiliates in America, the Asia Pacific, and Europe, supporting a broad customer base that comprises of leading airlines, airfreight operators and armed forces.
The firm’s wide spectrum of maintenance and engineering solutions include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; as well as aviation materials and asset management services.
It has a track record of over 15,000 commercial aircraft maintained and modified since 1990./.
