The establishment of Vietnam Aircraft Leasing Company (VALC) is derived from the ideas of the Bank for Investment and Development of Viet Nam (BIDV) and Vietnam Airlines Corporation (VNA) with the purpose to start-up a company of Vietnam specializing in purchasing aircrafts and leasing to domestic airlines, so contributing significantly to the development of Aviation sector in Vietnam, increasing the number of aircraft owned by Vietnam, reducing the dependence on the international aircraft supply, improving the integration and competition power of Vietnam in the international aviation market. The idea matched the Prime Minister’s long term therefore has been promptly supported by the Government.

Doing business in aircraft leasing requires a very good financial ability that any domestic company can hardly meet. Therefore, the leading corporations and companies in Vietnam have co-operated to start-up Vietnam Aircraft Leasing Company. The establishment of VALC is a convincing evidence of possibility to associate between the economic corporations in Vietnam in order to enhance the competitiveness of the country in the process of international economic integration.

Thanks to the supports from the Government and Authorities, within 06 months, BIDV together with VNA took part as the key participants in the project on the establishment of the company. On the basic of opinions of relevant Ministries, Branches, the Primer Minister has issued the Official Letter No. 1251/TTg-KTTH dated September 7th 2007 approving the establishment of Vietnam Aircraft Leasing Company found by leading economic corporation of Vietnam including BIDV, VNA, Petro Vietnam and Vinashin. Upon the approval of the Primer Minister, the founding shareholders promptly finalized legal procedures to obtain the business registration certificate of VALC and the company has just officially put into operation since October 8th 2007.

Before this time, during the official visit of the Primer Minister to the Republic of France and to the official session of the United Nations General Assembly in New York, the United States at the end of September, early November 2007, the representatives of VALC’s founding shareholders, as the attendants of the enterprises group accompanying the Primer Minister, have directly discussed with Boeing and Airbus. During the visit, Vietnam Airlines Corporation, on behalf of VALC, has signed the Memorandum of Understanding with the Boeing and Airbus.

Right after going into operation, upon the Memorandum of Understanding with the Boeing and Airbus, VALC has promptly negotiated about the Aircraft Purchasing Agreements with the 2 biggest aircraft manufacturers, Boeing and Airbus. To be eligible as the customer of Boeing and Airbus, VALC’s legal and financial abilities have been assessed very strictly by Boeing, Airbus and the authorities of the United States and France. At the end, VALC has fully satisfied strict requirements of the two biggest aircraft manufactures. On November 16th 2007, VALC officially signed the purchase agreement of 08 aircrafts Boeing B787-8 Dreamliners with Boeing and the purchase agreement of 10 aircrafts Airbus A321 – 200 with Airbus. The above said aircraft shall be leased to VNA on the 12 year operating lease contracts.