Secretary-General Tô Lâm Witnesses Signing of MoU Between Quảng Ninh, Sun Group, VinaCapital, and HAECO to Establish Major Aircraft Maintenance Center in Vân Đồn

On October 30th in London, during the Vietnam-UK High-Level Economic Conference, General Secretary To Lam and the high-ranking Vietnamese delegation witnessed the signing of a Memorandum of Understanding (MOU) for the research and development of a Maintenance, Repair, and Overhaul (MRO) facility at Van Don International Airport.

The agreement was signed between Quang Ninh Province, Sun Group, Hong Kong Aircraft Engineering Company Limited (HAECO), and VinaCapital Holdings.

The presence of the General Secretary at the signing ceremony underscores the strategic importance and high-level support for this project, which is vital not only for Quang Ninh Province but also for Vietnam’s entire aviation industry.

Key Players and Strategic Objectives

The significance of the MOU lies in the roles of the participating parties, each bringing essential expertise to the joint venture.

Quang Ninh Province, as the local government authority, is committed to creating a favorable investment environment. Under the leadership of Provincial Party Secretary Vu Dai Thang, the province pledges maximum support in terms of policies and procedures. The provincial leader’s private meeting with the VinaCap – HAECO joint venture during the visit highlights the government’s strong commitment to advancing the project.

Sun Group plays a pivotal role in providing infrastructure. As the owner and operator of Van Don International Airport (Vietnam’s first private airport), the group offers essential physical infrastructure. Van Don Airport, operational since late 2018, boasts 4E-standard facilities capable of handling wide-body aircraft (Boeing 777, 747, Airbus A350).

These conditions are ideal for a large-scale MRO center. This move aligns with Sun Group’s launch of Sun PhuQuoc Airways, demonstrating a strategic step toward completing the aviation-tourism service value chain.

To ensure international technical standards, the joint venture includes HAECO (Hong Kong Aircraft Engineering Company). As one of the world’s leading aviation engineering companies, HAECO brings operational expertise, advanced technology, international certifications (from the U.S. Federal Aviation Administration – FAA, and the European Union Aviation Safety Agency – EASA), and a global airline customer network.

The final piece of the financial puzzle is VinaCapital. As one of Vietnam’s leading investment fund management groups, VinaCapital represents financial capability and experience in mobilizing capital for large-scale infrastructure projects.

Meeting Market Demand and Growth Potential

Vietnam’s aviation industry is experiencing rapid growth, with domestic airlines continuously expanding their fleets. However, domestic heavy maintenance capabilities remain limited.

Most Vietnamese aircraft currently require overseas maintenance (in countries like Singapore, Malaysia, and China), resulting in significant costs, including opportunity costs due to aircraft downtime.

An internationally certified MRO center in Van Don is expected to directly address this issue. The project will not only help domestic airlines optimize costs and operational time but also attract international airlines for maintenance. With its strategic location and HAECO’s technical expertise, Van Don MRO has the potential to compete directly with other regional MRO centers.

This MOU marks the beginning of the research and development phase. However, with favorable market conditions, strategic location, collaboration among stakeholders, and government support, the goal of developing Van Don into a regional high-tech aviation industry hub is considered achievable.