Vietnam Aircraft Leasing Company and IAE International Aero Engines AG signed general terms of engines purchase and support for 10 A321-200 aircraft

The ceremony marks the first contract for Vietnam Aircraft Leasing Company (VALC) and a leading aero engine manufacturer; and the beginning of a new partnership between VALC and IAE. The aircraft are scheduled to be delivered in 2012 through 2013 and will be operated by Vietnam Airlines.

The establishment of Vietnam Aircraft Leasing Company (VALC) is derived from the ideas of the Bank for Investment and Development of Viet Nam (BIDV) and Vietnam Airlines Corporation (VNA) with the purpose to start-up a company of Vietnam specializing in purchasing aircrafts and leasing to domestic airlines, so contributing significantly to the development of Aviation sector in Vietnam, increasing the number of aircraft owned by Vietnam, reducing the dependence on the international aircraft supply, improving the integration and competition power of Vietnam in the international aviation market. The idea matched the Prime Minister’s long term therefore has been promptly supported by the Government.

IAE is a multinational aero engine consortium whose shareholders comprise of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L), Japanese Aero Engines Corporation and MTU Aero Engines.  IAE’s in-service fleet has doubled in the last five years and is the third largest engine program currently in production.  Nearly 6,500 V2500 engines are in service or on firm order and the worldwide fleet has accumulated over 85 million flying hours.

The contract plays an important role in VALC’s growth and the expansion of IAE’s market presence in Vietnam.

The V2500 has demonstrated outstanding performance on the Airbus A319/A320/A321 aircraft worldwide. SelectOne™, the latest build standard delivers an additional one percent fuel burn advantage, along with a corresponding reduction in CO2 emissions.  It improves time-on-wing and demonstrates compliance with all applicable CAEP emissions standards.