The Aerospace division of Singapore Technologies Engineering (ST Engineering) and Vietnam Airlines Engineering Company (VAECO) have incorporated a new joint venture. JVCo, or Vietnam Singapore Technologies Engineering Aerospace Co Ltd will signal the group’s first presence in Vietnam.
The JVCo is a product of a previous MoU published in April 2018. The Joint Venture was formed with a paid up capital of USD 3.9 million to provide Maintenance, Repair and Overhaul (MRO) solutions. The majority 51% of the stake is held by VAECO with ST engineering getting 49%.
The joint venture will invest in new infrastructure at Noi Bai and Tan Son Nhat international airports located in Ha Noi and Ho Chi Minh City to cater to the region’s growing demand for aircraft component MRO services. The new facilities will likely be operational before the end of this year and will support aircraft types including A320s, A350, Boeing 787 and ATR72, as well as perform MRO work on hydraulics, electrical components, pneumatics, safety equipment and wheels and brakes.
(Sources: ST Engineering; Business Times Singapore; MRO-network.com)
