Hanoi, September 26, 2019- Today, Vietnam Airlines Engineering Company (VAECO), a subsidiary of Vietnam Airlines, and ST Engineering have officially launched the component maintenance, repair and overhaul (MRO) facilities of their newly set up joint venture,Vietnam Singapore Technologies Engineering Aerospace, ltd. Co. (VSTEA). The event took place under the witness of Singapore’s Ambassador to Vietnam Catherine Wong and leaders of the Committee for State Capital Management at Enterprises, Ministry of Transport and Ministry of Science and Technology.
Concretizing the Memorandum of Understanding signed between VAECO and ST Engineering’s Aerospace sector in April 2018, the launch marked the establishment of the first and only aircraft component MRO joint venture in Vietnam to date.
As a venture between two leading aviation technology companies in Vietnam and Singapore, VSTEA will provide aircraft component MRO services to domestic and international airlines, which cater to such current aircraft as the Boeing 787, Airbus A350, A320, A321, and ATR72, as well as technical assistance in avionics, hydraulic, pneumatic, electro-mechanical, wheels, brakes, and emergency equipment.
“Our partner, 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 for both Vietnam Airlines and ST Engineeringing Aerospace in the growing aviation industry, marking the beginning of more fruitful achievements in the future,”said Duong Tri Thanh – President & CEO of Vietnam Airlines.
“As a key driver for the growth of the global commercial aerospace sector, Asia is a market we have a strong focus on. We are happy to partner Vietnam Airlines, who is also a major customer, to set up our 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,”saidLim Serh Ghee - President of ST Engineering’s Aerospace sector.
Leveraging ST Engineering’s aviation capabilities and track record, VSTEA is well-equipped to carry out MRO services at Vietnam Airlines' existing technical facilities at Noi Bai and Tan Son Nhat airports.
The unprecedented growth of Vietnam and Asia – Pacific’s aviation market will further boost aircraft MRO industry in the region. The establishment of VSTEA enables Vietnam Airlines to intergrate 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. The investment in high-tech resources and modern technology is part of Vietnam Airlines’ roadmap to improve its operational capacity and further affirm its pioneering spirit and its key role within the local aviation industry by adopting the world’s most cutting-edge science and technology.