Vietnamese budget carrier Vietjet has signed a memorandum of understanding with a leading Japanese financial corporation on a multimillion-dollar loan to help finance its fleet expansion, the airline said on Tuesday.

Vietjet and Mitsubishi UFJ Lease & Finance Company Limited (MUL) inked the document yesterday in Tokyo, on the sidelines of the official visit of Nguyen Phu Trong, General Secretary of the Communist Party of Viet Nam, to Japan.

General Secretary of the Communist Party of Viet Nam Nguyen Phu Trong (left, back) and Japan's Prime Minister Shinzo Abe witness the signing of the MoU in Tokyo on September 15, 2015. Vietjet

General Secretary Trong and Japan’s Prime Minister Shinzo Abe witnessed the signing of the MOU, which will pave the way for MUL to finance Vietjet’s leasing and acquisition of 3 brand new A321 aircraft worth US$347.2 million, Vietjet said in a press release.

These 3 airplanes are part of a contract signed earlier between Vietjet and European aircraft manufacturer Airbus to purchase and/or lease a total of 107 planes in coming years, according to the Vietnamese carrier.

Vietjet is expected to receive 10 to 12 new aircraft every year until the above contract with Airbus is completed. The airline has so far taken delivery of eight A321s and A320s.

(Source: tuoitrenews)