Vietnam Airlines signs over $560 million deal with US bank

Vietnam Airlines signed a memorandum of understanding with Citibank worth $560 million or more, paving the way for financial cooperation between Vietnam and the US.

Vietnam Airlines and Citibank signed a memorandum of understanding on cooperation. Photo: VNA.

The signing ceremony took place under the witness of Deputy Prime Minister Ho Duc Phoc, within the framework of the Vietnamese Government delegation's working trip with partners in the US to strengthen bilateral trade cooperation, including mobilizing capital for key investment projects of State-owned enterprises.

According to the memorandum of understanding, Citibank is willing to consider providing funding for Vietnam Airlines' investment projects to improve its operational capacity and expand its international flight network in the coming period.

Along with the financial commitment, Citibank will also provide strategic consulting support to Vietnam Airlines in the process of working with relevant partners to build a suitable financial structure, ensuring investment efficiency and risk management.

Finding and establishing cooperative relationships with the world's leading financial institutions, in which US financial institutions are considered to play a very important role in Vietnam Airlines' long-term development strategy, in order to enhance competitiveness, modernize the fleet and keep up with the development trends of the global aviation industry.

"Cooperating with prestigious international financial institutions such as CitiBank not only helps us access high-quality financial resources, but also opens up opportunities for deeper connections with the global value chain," said Mr. Le Duc Canh, Deputy General Director of Vietnam Airlines.

Meanwhile, Mr. Ramachandran AS, General Director of Citi Vietnam, affirmed that the bank is committed to promoting Vietnam's rapid development and strengthening economic and cultural relations between Vietnam and the US.

According to the plan, after the signing ceremony with Citibank, Vietnam Airlines will continue to work with US EXIM (US Export-Import Bank) on April 10 in Washington to discuss the mechanism for providing credit guarantees for the Corporation's loans.

In 2025, Vietnam Airlines will open and restore 15 international routes to key markets such as Italy, Russia, Denmark, China, India, Japan, South Korea, UAE...

Currently, the airline operates nearly 100 routes to 22 domestic destinations and 30 international destinations in 18 countries.

Source: https://znews.vn/vietnam-airlines-ky-thoa-thuan-hon-560-trieu-usd-voi-ngan-hang-my-post1544669.html