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Aviation: Vietnam Airlines signs US$1.5 billion financing MOU with ING

Vietnam Airlines has signed a Memorandum of Understanding with ING Bank to arrange up to US$1.5 billion in funding, according to a company announcement on June 11

The signing took place in Paris during the Vietnam–France Business Forum and was witnessed by Vietnam’s Prime Minister Pham Minh Chinh.

Key details:

  • Funding purpose: Support long-term investments, expand global network, and improve operational efficiency.
  • ING’s role: Arrange, advise and potentially co-finance future capital needs.
  • Past cooperation: ING arranged a US$570 million loan in 2015 and helped restructure US$80 million in loans during COVID.

Analysis

On the one hand, this partnership could signal renewed investor confidence in Vietnam Airlines’ recovery and long-term strategy, and Vietnam’s aviation industry more broadly, particularly as it comes from a globally recognised lender with aviation finance expertise.

However, it is important to note that the deal remains at the Memorandum of Understanding (MoU) stage, meaning it is non-binding and does not yet represent a firm financial commitment. 

MoUs are often used to explore the terms and structure of a potential deal, but many never progress to final contracts. 

Without details on interest rates, repayment schedules, or any government backing, it is still unclear whether Vietnam Airlines can secure the full US$1.5 billion on favourable terms. 

As such, while the MoU is a positive signal, it remains a preliminary step in what will likely be a complex capital-raising process.

See also: Vietnam’s Aviation Industry: State of Play 2025

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