Cebu Pacific leases A320neo to Vietnam Airlines
Philippine low-cost carrier Cebu Pacific (PSE: CEB) has signed a wet lease agreement with Vietnam Airlines, Vietnam’s flag carrier.
The agreement covers one Pratt & Whitney-powered Airbus A320neo that Vietnam Airlines will use from July 15 through Sept. 7, 2026.
The aircraft is based in Ho Chi Minh City and operated by Cebu Pacific pilots and cabin crew.
It will serve round-trip domestic routes from Ho Chi Minh City to Cam Ranh, Phu Quoc, Vinh and Da Nang.
Under a wet lease, the aircraft is generally operated under the lessor’s air operator certificate, with the lessor providing the aircraft and crew. Such arrangements typically include maintenance and insurance, according to the UK Civil Aviation Authority.
“Vietnam and the broader Southeast Asian market continue to see strong growth in air travel, creating opportunities for airlines to collaborate more closely in meeting demand. As Cebu Pacific’s fleet continues to expand, we are well positioned to deploy our capacity where it is needed most, including through strategic wet lease partnerships during periods of lower demand in the Philippines,” said Mark Cezar, Cebu Pacific chief financial officer.
“This collaboration with Vietnam Airlines enables Cebu Pacific to broaden its role beyond passenger operations by providing operational support to airlines across the region. It also creates new opportunities to diversify our revenue streams while expanding our presence in one of the world’s fastest-growing aviation markets,” he added.
The deal adds to Cebu Pacific’s experience as both an aircraft lessor and lessee.
In 2023, Cebu Pacific signed a damp lease agreement with Bulgaria Air for two A320ceo aircraft to help meet post-pandemic travel demand in the Philippines.
The Bulgaria Air aircraft served the Manila-Cebu and Manila-Davao routes from January to May 2024.
A damp lease is a wet lease in which the lessor provides only part of the crew.
In 2025, Cebu Pacific wet-leased two A320 aircraft to flyadeal to strengthen the Saudi low-cost carrier’s fleet during its peak summer season.
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