VALC and VAC to enter into a lease agreement for 05 ATR72-500

Hanoi - On April 22, 2009, Vietnam Aircraft Leasing company (VALC) and Vietnam Airlines Corporation entered into the assignment agreement of the sale and purchase contract relating to 05 ATR72-500. According to the agreement, VAC assigns to VALC all its rights and obligations under the Purchase Agreement signed between VAC and ATR. The first aircraft will be delivered in April 2010 and the last one in December 2010. At the same time, both parties also signed  a lease agreement stating that VAC will lease these 05 aircraft with the lease term of 143 months.

ATR72-500 is a short-haul regional aircraft powered by two turboprop engines manufactured by P&W Canada. The aircraft is produced by ATR, a joint venture between the European Aeronautic Defence and Space Company (EADS) and Finmeccanica, a high-tech industrial group based in Italy. It can carry from 68 to 74 passengers and is operated by a two-pilot crew. VAC’s ATR fleet will be operated on short-haul Southeast Asian and domestic routes to connect Hanoi, Danang and Hochiminh City to tourist spots, economic zones, mountainous areas and islands in order to boost tourism, investment and trade and to promote the economic development of the regions in particular and Vietnam in general.

VALC is the first aircraft leasing company in Vietnam established under the Prime Minister’s approval. VALC’s aircraft purchase and lease projects including 08 Boeing B787, 10 Airbus A321-200 and 05 ATR72-500 have been guaranteed by the Vietnamese Government for their foreign loans.

VALC