This article is based on an official press release from Boeing and additional details regarding the airline’s operational roadmap.

On February 18, 2026, Boeing and Sun PhuQuoc Airways announced a significant agreement for the Vietnamese carrier to purchase up to 40 Boeing 787-9 Dreamliner jets. The deal, valued at approximately $22.5 billion at list prices, marks a major expansion for the airline, a subsidiary of the Sun Group, as it seeks to establish a “resort aviation” model connecting international travelers directly to Phu Quoc Island.

The signing ceremony took place in Washington, D.C., attended by Vietnamese General Secretary To Lam and U.S. government representatives. The agreement was formalized by Dang Minh Truong, Chairman of Sun Group, and Stephanie Pope, CEO of Boeing Commercial Airplanes. This acquisition represents the largest widebody commercial-aircraft order in the history of Vietnam’s aviation sector, signaling a shift in the region’s travel infrastructure strategy.

Deal Specifics and Aircraft Capabilities

According to the official announcement, the orders encompasses up to 40 Boeing 787-9 Dreamliners. The 787-9 variant is known for its long-range capabilities and fuel efficiency, utilizing 25% less fuel than the aircraft it replaces. With a range of 7,565 nautical miles (14,010 km), the jet is capable of connecting Vietnam directly to major markets in North-America and Europe without the need for traditional stopovers.

In a statement regarding the partnership, Boeing highlighted the strategic fit of the Dreamliner for the airline’s goals:

“The 787 Dreamliner’s superior passenger experience and range capabilities will enable Sun PhuQuoc Airways to open new non-stop routes to key destinations worldwide, supporting the growth of Vietnam’s tourism industry.”

Stephanie Pope, CEO, Boeing Commercial Airplanes

While the deal is valued at roughly $22.5 billion based on list prices, industry standard practices suggest the final purchase price likely includes negotiated discounts common in large-scale fleet acquisitions.

The “Resort Aviation” Business Model

Sun PhuQuoc Airways is positioning itself differently from traditional flag carriers or low-cost airlines by adopting a “resort aviation” strategy. The airline’s primary objective is to integrate air travel with Sun Group’s extensive hospitality ecosystem, which includes resorts, theme parks, and entertainment complexes on Phu Quoc Island.

The operational goal is to bypass traditional transit hubs such as Ho Chi Minh City (SGN) or Hanoi (HAN). Instead, the carrier intends to fly passengers directly to Phu Quoc International Airport (PQC) from long-haul origins. This strategy aligns with a major infrastructure upgrade at PQC, where a second runway and a new terminal capable of handling widebody jets are scheduled for completion by 2027.

Route Network Expansion

Sun PhuQuoc Airways, which commenced commercial operations in late 2025 with a fleet of Airbus narrowbody aircraft, is rapidly expanding its international footprint. According to the operational roadmap released alongside the order:

• Regional Launch: The airline’s first international route to Taipei is set to launch on March 29, 2026.
• Near-Term Expansion: Routes to Seoul, Busan, Singapore, Bangkok, Hong Kong, Kaohsiung, Mumbai, and New Delhi are planned for the second and third quarters of 2026.
• Long-Haul Vision: The incoming fleet of Boeing 787-9s will facilitate direct flights to North American cities (Los Angeles, San Francisco, Vancouver) and European capitals (London, Paris, Frankfurt).

Market Context and Industry Impact

This order arrives during a period of robust growth for the Vietnamese aviation sector. While incumbents Vietnam Airlines and VietJet Air currently hold over 80% of the domestic market share, Sun PhuQuoc Airways is carving out a specific niche focused on inbound tourism. The deal was announced concurrently with a separate order from Vietnam Airlines for 50 Boeing 737 MAX 8 jets, indicating a broader pivot toward Boeing aircraft in a market that has historically relied heavily on Airbus narrowbodies.

AirPro News Analysis

The scale of this order suggests a high degree of confidence from Sun Group in the long-term viability of Phu Quoc as a standalone global destination. By vertically integrating the transport mechanism (the airline) with the destination product (the resorts), Sun Group is attempting to replicate the success of similar leisure-integrated models seen in other parts of Asia, albeit on a much larger scale involving widebody long-haul operations.

However, the “resort aviation” model carries distinct risks. Unlike network carriers that rely on a mix of business, cargo, and connecting traffic, Sun PhuQuoc Airways appears heavily dependent on point-to-point leisure demand. The success of this $22.5 billion bet will rely not just on filling seats, but on the timely completion of the Phu Quoc airport expansion in 2027 to accommodate these larger aircraft.

Furthermore, the choice of the 787-9 allows the airline to reach the West Coast of the United States and Western Europe efficiently. This capability is critical for the airline’s mission, as it removes the “friction” of transit stops that often deters premium leisure travelers from visiting emerging destinations.

Sources: Boeing Mediaroom

This article summarizes reporting by Reuters.

VietJet Secures $965 Million Financing for Boeing 737-8 Fleet Expansion

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.

Details of the Financing Agreement

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.

Strategic Context

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.

Diplomatic Backdrop: The “Board of Peace” Summit

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:

• Vietnam: General Secretary To Lam, Minister of National Defense Gen. Phan Van Giang, and Minister of Public Security Gen. Luong Tam Quang.
• United States: Assistant Secretary of State for East Asian and Pacific Affairs Michael George DeSombre.

AirPro News Analysis

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.

Market Implications for 2026

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:

• Reuters
• Vietnam News Agency (VNA)
• Griffin Global Asset Management
• Civil Aviation Authority of Vietnam (CAAV)

This article is based on an official press release from Boeing and additional industry data regarding the finalized agreement.

Vietnam Airlines Commits to 50 Boeing 737 MAX Jets in Strategic Fleet Overhaul

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.

Operational Capabilities and Timeline

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.

Strengthening U.S.-Vietnam Aviation Ties

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.

AirPro News Analysis

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:

• Boeing Mediaroom