Aircraft Orders & Deliveries
VietJet Secures $965 Million Financing for Boeing 737-8 Fleet Expansion
VietJet signed a $965 million deal with Griffin Global Asset Management to fund six Boeing 737-8 aircraft, advancing its fleet modernization amid diplomatic talks.
This article summarizes reporting by Reuters.
VietJet has officially signed a financing agreement valued at approximately $965 million (VND 24.5 trillion) with Griffin Global Asset Management. According to reporting by Reuters, the deal will fund the acquisition of six Boeing 737-8 Commercial-Aircraft, marking a significant step in the Vietnamese low-cost carrier’s fleet modernization strategy.
The agreement was finalized in Washington, D.C., on February 19, 2026, amidst a high-profile diplomatic visit. The signing coincides with the attendance of General Secretary of the Communist Party of Vietnam, To Lam, at the inaugural “Board of Peace” summit. We note that this transaction highlights the continued intersection of commercial aviation and international diplomacy between Vietnam and the United States.
Under the terms of the agreement, Griffin Global Asset Management will provide the capital necessary for VietJet to take Delivery of the six narrow-body jets. Griffin, a commercial aircraft leasing and alternative asset management firm backed by Bain Capital, specializes in flexible capital solutions for Airlines globally.
According to the research data accompanying the announcement, the deal is part of a broader effort by VietJet to diversify its funding sources and operational capabilities. While the airline has historically operated an all-Airbus fleet, this financing supports its long-standing order for Boeing 737 MAX aircraft, which had previously faced delays due to global supply chain issues and the type’s grounding.
The Boeing 737-8 (MAX 8) is a direct competitor to the Airbus A320neo family. By securing financing for these airframes, VietJet is moving forward with its plan to operate a mixed fleet, a strategy that industry observers suggest will help mitigate delivery delays from any single Manufacturers.
This commercial milestone was reached during a significant diplomatic event. As reported by Reuters and corroborated by Vietnamese state media, the deal was one of several agreements exchanged during General Secretary To Lam’s working trip to the United States.
General Secretary To Lam was in Washington to attend the “Board of Peace” (Peace Council on Gaza), an initiative launched by U.S. President Donald Trump. The VietJet financing deal was part of a massive suite of economic contracts and cooperation agreements totaling approximately $37.2 billion exchanged between the two nations during this visit. Witnesses to the signing ceremony included high-ranking officials from both governments:
We view this transaction as a classic example of “aviation diplomacy.” Large aircraft orders and financing deals are frequently timed to coincide with state visits to underscore economic cooperation. By finalizing this deal during a summit focused on peace and stability, both Vietnam and the U.S. are signaling that economic integration remains a pillar of their bilateral relationship.
Furthermore, for VietJet, securing nearly $1 billion in financing from a major global lessor like Griffin demonstrates robust international confidence in the carrier’s creditworthiness. Despite the volatile nature of the post-pandemic aviation market, the airline’s aggressive expansion into markets like India, Australia, and Northeast Asia appears to be garnering significant support from global capital markets.
The Civil Aviation Authority of Vietnam (CAAV) has forecasted a strong recovery for the sector, targeting 95 million passengers in 2026. This growth is driven by a resurgence in international tourism and favorable visa policies. The addition of these six Boeing 737-8 aircraft will provide VietJet with the capacity needed to meet this surging demand, particularly as the industry prepares for the opening of the Long Thanh International Airport.
In a statement regarding the deal’s significance, the parties emphasized the role of modern aircraft in meeting travel demand. As noted in the press materials:
“The deal is part of VietJet’s strategy to diversify its international funding sources and modernize its fleet to meet growing travel demand.”
This move also operationalizes VietJet’s massive backlog of Boeing orders, which includes 200 737 MAX aircraft signed in previous years. With the first deliveries now financed, the carrier is poised to challenge regional competitors with a renewed and diversified fleet.
Sources:
VietJet Secures $965 Million Financing for Boeing 737-8 Fleet Expansion
Details of the Financing Agreement
Strategic Context
Diplomatic Backdrop: The “Board of Peace” Summit
AirPro News Analysis
Market Implications for 2026
Photo Credit: Boeing
Aircraft Orders & Deliveries
Vietnam Airlines Orders 50 Boeing 737 MAX Jets in $8.1B Deal
Vietnam Airlines finalizes $8.1 billion order for 50 Boeing 737-8 MAX aircraft to modernize its fleet, with deliveries from 2030 to 2032.
This article is based on an official press release from Boeing and additional industry data regarding the finalized agreement.
Vietnam Airlines has officially finalized a firm order for 50 Boeing 737-8 (MAX) aircraft, cementing a multi-billion dollar agreement that diversifies the flag carrier’s narrowbody fleet. The deal, announced on February 18, 2026, in Washington, D.C., follows a Memorandum of Understanding (MoU) originally signed during U.S. President Joe Biden’s visit to Hanoi in September 2023.
According to the official announcement, the agreement is valued at approximately $8.1 billion at list prices, though airlines typically negotiate significant discounts for orders of this magnitude. The signing ceremony was attended by high-profile officials, including Vietnam’s General Secretary To Lam, Boeing Commercial Airplanes CEO Stephanie Pope, and Vietnam Airlines Chairman Dang Ngoc Hoa.
This acquisition marks a pivotal shift for Vietnam Airlines, which has historically relied on Airbus A320 and A321 aircraft for its single-aisle operations. Deliveries of the new Boeing fleet are scheduled to commence in 2030 and conclude by 2032.
The order focuses exclusively on the Boeing 737-8 variant, which is designed to seat between 162 and 210 passengers depending on the cabin configuration. With a range of approximately 3,500 nautical miles, the aircraft will be deployed on domestic and regional routes across Asia. Boeing states that the 737-8 offers a 20% reduction in fuel use and emissions compared to the older aircraft it is intended to replace.
In a statement regarding the finalized deal, Vietnam Airlines Chairman Dang Ngoc Hoa emphasized the carrier’s long-term modernization goals:
“The investment in 50 Boeing 737-8 aircraft marks a significant step in building a modern, fuel-efficient fleet while enhancing operational performance.”
The airline is currently pursuing a strategy to achieve “five-star international airline” status by 2030. The integration of the 737 MAX is expected to support this goal by improving fleet efficiency and expanding route capacity.
The finalization of this order underscores the growing aerospace cooperation between the United States and Vietnam. While the initial MoU was signed in 2023, the deal remained listed as “unidentified” on Boeing’s orders and deliveries website throughout 2024 and 2025 while financing and terms were arranged. Reports indicate that Vietnam Airlines has worked with the Export-Import Bank of the United States (EXIM) and Citibank to secure financing for the acquisition. Stephanie Pope, President and CEO of Boeing Commercial Airplanes, highlighted the partnership in the company’s press release:
“We are proud to build on our partnership with Vietnam Airlines and support them as they pair the 737 MAX with the 787 Dreamliner.”
In addition to the narrowbody order, the parties engaged in discussions regarding a potential future acquisition of 30 widebody aircraft, potentially involving Boeing 787 or 777X models, though no firm contract for these widebodies was signed at the February event.
This order represents a significant strategic pivot for Vietnam Airlines, breaking the carrier’s long-standing exclusivity with Airbus for single-aisle jets. By operating a mixed fleet of Airbus A320 family and Boeing 737 MAX aircraft, Vietnam Airlines reduces its reliance on a single supplier. This “dual-sourcing” strategy can provide greater leverage in future pricing negotiations and offers protection against supply chain disruptions that have recently plagued both major manufacturers.
Furthermore, the move positions Vietnam Airlines to compete more aggressively in the high-growth Southeast Asian market. Regional rival VietJet also possesses a substantial order book for Boeing 737 MAX aircraft. As Boeing ramps up production to a targeted 50 jets per month in 2026, the successful delivery of these units will be critical for Vietnam Airlines to meet its 2030 capacity targets.
Sources:
Vietnam Airlines Commits to 50 Boeing 737 MAX Jets in Strategic Fleet Overhaul
Operational Capabilities and Timeline
Strengthening U.S.-Vietnam Aviation Ties
AirPro News Analysis
Photo Credit: Boeing
Aircraft Orders & Deliveries
CDB Aviation Sells Two Airbus A321-200s to Finnair in 2026 Deal
CDB Aviation completes the sale of two Airbus A321-200 aircraft to Finnair, marking a shift from lease to ownership amid Finnair’s fleet renewal.
DUBLIN, CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited, announced on February 16, 2026, that it has successfully sold two Airbus A321-200 Commercial-Aircraft to Finnair. The transaction marks a significant shift in the relationship between the lessor and the Finnish flag carrier, transitioning the aircraft from a long-term lease arrangement to direct airline ownership.
According to the official announcement, these specific narrowbody aircraft have been part of Finnair’s fleet since 2017. The sale represents the conclusion of the leasing period and the transfer of title to the Airlines, a move that aligns with CDB Aviation’s strategy of active portfolio management and Finnair’s current financial objectives.
The two Airbus A321-200s involved in this transaction are approximately 11.5 years old and have served as core assets in Finnair’s European feeder network. In a statement regarding the sale, CDB Aviation emphasized the durability of their Partnerships with the airline, which began when the original lease agreements were executed nearly a decade ago.
CDB Aviation noted that the sale is part of its broader strategy to monetize assets while they retain significant value, allowing the lessor to recycle capital into newer technologies. In the company’s press release, a spokesperson highlighted the strategic nature of the deal:
“CDB Aviation has built a strong partnership with the Finnair team, aiding their long-term fleet strategy since the execution of the lease agreements for these two narrowbody aircraft in 2017… Through selective engagement in the trading markets, we continue to supplement our growth and be responsive to our airline customers’ unique fleet requirements.”
While CDB Aviation focuses on portfolio optimization, this acquisition underscores a distinct shift in Finnair’s capital strategy following its post-pandemic recovery. According to financial data regarding the transaction, Finnair is utilizing its strengthened balance sheet to reduce monthly leasing expenses and interest costs by acquiring these assets outright.
Industry data indicates that Finnair is in a robust financial position to execute such capital Investments. The airline reported a record comparable operating profit of €61.7 million in Q4 2025, a 29% increase year-over-year. Furthermore, a €300 million bond issue in late 2025 provided the necessary liquidity to support fleet acquisitions.
We observe a growing trend among legacy carriers in 2026: the “cash-rich” pivot. After years of relying on lessors to provide capacity during the liquidity-constrained years of the COVID-19 crisis, airlines like Finnair are now leveraging restored profitability to buy out leases. By converting leased aircraft to owned assets, carriers can eliminate monthly rental outflows, thereby improving long-term operating margins. This specific deal serves as a prime example of an airline moving from operational expenditure (OpEx) to capital expenditure (CapEx) as its financial health stabilizes.
The acquisition of these A321-200s occurs alongside a broader fleet renewal program at Finnair. While these specific aircraft are mid-life assets intended to remain in the fleet, the airline is simultaneously addressing the retirement of its oldest narrowbody jets. According to public remarks made in February 2026, Finnair CEO Turkka Kuusisto acknowledged the urgency of renewing the older segments of the fleet:
“In our narrowbody fleet, we have 15 aircraft… that are approaching the end of their life cycle. So, that is the most urgent need.”
By securing ownership of the younger A321s (circa 2014 vintage), Finnair ensures stability in its high-capacity narrowbody operations while it finalizes plans to replace its aging A319 and A320 airframes, which average approximately 24 years of age.
CDB Aviation Completes Sale of Two Airbus A321-200s to Finnair
Transitioning from Lease to Ownership
Strategic Context for Finnair
AirPro News Analysis: The “Cash-Rich” Pivot
Fleet Modernization and Future Plans
Summary of Key Transaction Details
Sources
Photo Credit: CDB Aviation
Aircraft Orders & Deliveries
SMBC Aviation Capital Delivers Boeing 737-9 to United Airlines
SMBC Aviation Capital delivers the 10th Boeing 737-9 to United Airlines under a 20-aircraft sale-and-leaseback deal supporting fleet modernization.
This article is based on an official press release from SMBC Aviation Capital and verified industry data regarding United Airlines fleet operations.
On February 13, 2026, Dublin-based lessor SMBC Aviation Capital successfully delivered a Boeing 737-9 (MAX 9) aircraft to United Airlines. This delivery marks a significant milestone in the ongoing partnership between the two aviation giants, serving as the 10th aircraft delivered under a 20-aircraft sale-and-leaseback agreement finalized in late 2025.
The transaction underscores the continued reliance of major carriers on sale-and-leaseback (SLB) financing to modernize fleets while maintaining liquidity. For United Airlines, the arrival of this aircraft supports its ambitious “United Next” strategy, which aims to overhaul the carrier’s domestic product with larger, more fuel-efficient narrow-body jets.
According to the official announcement from SMBC Aviation Capital, the aircraft (MSN 67747) is equipped with two CFM International LEAP-1B27 engines. The delivery is part of a broader financing deal signed in December 2025, which covers a total of 20 Boeing 737-9 aircraft. Under this sale-and-leaseback structure, United Airlines sold the aircraft to SMBC Aviation Capital upon delivery from Boeing and immediately leased it back for operation.
This delivery reinforces a deepening relationship between the lessor and the airline. Previous collaborations include leases for 20 Airbus A321neo aircraft and a separate SLB transaction covering 20 Boeing 737 MAX 8s.
The Boeing 737-9 is a central component of United’s domestic fleet modernization. The aircraft offers significant improvements in fuel efficiency and carbon emissions, approximately 15% to 20% better than the previous generation of aircraft it replaces.
United Airlines has configured this aircraft to align with its “United Next” interior standards, designed to elevate the passenger experience on domestic routes. Based on corporate fleet specifications, the aircraft features a total capacity of 179 passengers.
“The interior features include 13-inch monitors in First Class and 10-inch monitors in Economy at every seat, high-speed Wi-Fi, Bluetooth connectivity, and larger overhead bins designed to accommodate one carry-on bag per passenger.”
, United Airlines Corporate Information
The cabin layout includes:
This delivery occurs during a transformative period for SMBC Aviation Capital. As of early 2026, the company ranks as the second-largest aircraft lessor globally by fleet count, managing a portfolio of approximately 995 owned, managed, and committed aircraft. The lessor maintains a strategic focus on liquid, new-technology narrow-body aircraft such as the A320neo and 737 MAX families.
The market context for this delivery is shaped by SMBC Aviation Capital’s aggressive expansion. In September 2025, a consortium led by the lessor agreed to acquire Air Lease Corporation (ALC) for an enterprise value of $28.2 billion. This landmark deal is expected to close in the first half of 2026. Upon completion, the combined entity is projected to operate under the brand “Sumisho Air Lease,” significantly expanding its footprint in the wide-body market and challenging competitors for global market share.
The Rise of the Mega-Lessor and SLB Financing
The delivery of MSN 67747 highlights two critical trends in the 2026 aviation market. First, the prevalence of Sale-and-Leaseback (SLB) transactions indicates that despite stabilizing markets, airlines continue to prioritize cash liquidity over asset ownership. With interest rates remaining a factor in 2025 and 2026, SLBs allow carriers like United to onboard new technology without the heavy capital expenditure associated with direct purchasing.
Second, the consolidation of the leasing sector, exemplified by the SMBC-ALC merger, suggests a shift toward “mega-lessors.” These entities possess the capital depth to support massive order books and provide critical delivery slots during periods of supply chain constraint. As Boeing and Airbus navigate production delays, lessors with secured positions, such as SMBC, become indispensable partners for airlines racing to meet travel demand.
What is a Sale-and-Leaseback (SLB) transaction? How many aircraft are involved in this specific deal? What is the “United Next” strategy?
SMBC Aviation Capital Delivers Boeing 737-9 to United Airlines Amidst Major Fleet Expansion
Transaction Details and Partnership
Asset Profile: The Boeing 737-9
“United Next” Configuration
Strategic Context: SMBC Aviation Capital
Pending Acquisition of Air Lease Corporation
AirPro News Analysis
Frequently Asked Questions
An SLB is a financial transaction where an airline sells an aircraft to a lessor (like SMBC) and immediately leases it back. This allows the airline to use the aircraft without tying up capital in ownership, while the lessor gains a revenue-generating asset.
This delivery is the 10th aircraft of a 20-aircraft agreement for Boeing 737-9s signed between United Airlines and SMBC Aviation Capital in December 2025.
“United Next” is United Airlines’ fleet modernization plan, which involves replacing older regional and mainline jets with newer, larger aircraft featuring upgraded interiors, seatback screens for all passengers, and larger overhead bins.Sources
Photo Credit: SMBC
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