Vietjet and Novus Aviation Capital, a global aircraft leasing and financing platform headquartered in the United Arab Emirates (UAE), have signed a Memorandum of Understanding (MoU) to explore the establishment of an aircraft financing and leasing vehicle as well as collaborating on the supply of Sustainable Aviation Fuel (SAF) in Vietnam.

This is alongside SAF One, Novus' established and dedicated SAF platform.

Vietjet said the vehicle will initially provide financing and acquisition of 15 new aircraft ordered by Vietjet from Boeing and Airbus, with deliveries scheduled from 2024.

The vehicle is expected to comprehensively scale up to further finance Vietjet's future order book.

In addition, Vietjet will join forces with SAF One for the development, supply and usage of SAF in Vietnam, contributing to creating a greener aviation environment and actively taking efforts to reduce carbon emissions in the global aviation industry.

SAF is a type of fuel made from waste materials such as used cooking oil, which significantly reduces environmental carbon emissions compared to traditional fuels.

Dinh Viet Phuong, chief executive officer of Vietjet, said the agreement with Novus will enhance Vietjet's financial capacity to meet the needs of growth, investment, and expansion of our flight network and aircraft fleet in the coming time.

"The airline will also apply advanced solutions in line with global aviation trends, thereby providing high-quality air travel products to serve customers worldwide."

"The use of sustainable aviation fuel is a crucial step in the sustainable development of the aviation industry, and Vietjet is proud to be at the forefront of airlines being committed to contributing to this collective effort," the Vietjet chief executive added.

"This partnership will facilitate Vietjet's growth and delivery of its new fleet to meet its long-term aviation strategies. Our collaboration with Vietjet through SAF One to develop, deliver and supply technology-agnostic SAF solutions in Vietnam is a testament to our dedication to providing global solutions to the industry," said Hani Kuzbari, co-CEO of Novus Aviation Capital.

The signing ceremony took place in the presence of Prime Minister Pham Minh Chinh during his official trip to attend the 28th Conference of the Parties (COP28) on climate action in Dubai, UAE.