OceanBank and Vietnam Airlines on Friday signed a US$7 million loan agreement for the purchase of spare aircraft engines.
The state-owned airline plans to use the funds to purchase backup engines from International Aero Engine AG which are due for delivery by the end of this month.
The Airbus A321 engines will help ensure sustainable operations for Vietnam Airlines, President and CEO Pham Ngoc Minh said in a statement.
The airline plans to expand its fleet to 115 and 170 aircraft by 2015 and 2020, respectively. It now operates more than 300 flights per day to 20 domectic and 26 international destinations.
Nguyen Minh Thu, the partly-private bank's general director, said that this is the first loan they've ever provided to Vietnam Airlines.