Cebu Pacific inks 'wet lease' deal with Vietnam Airlines

Budget carrier Cebu Pacific on Thursday announced it has signed an agreement to provide “wet lease” to Vietnamese flag carrier Vietnam Airlines.

Under a wet lease, one airline leases an aircraft complete with its crew, maintenance, and insurance to another airline.

In a statement, Cebu Pacific said the wet lease deal covers the deployment of one Airbus A320neo aircraft powered by Pratt & Whitney engines which Vietnam Airlines will utilize for its flight operations between July 15 and September 7, 2026.

The leased aircraft will be based in Ho Chi Minh City and will be operated by Cebu Pacific pilots and cabin crew, the Gokongwei-led carrier said.

The operation of the leased aircraft will cover domestic routes from Ho Chi Minh City to Cam Ranh, Phu Quoc, Vinh, Da Nang, and vice versa.

“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,” said Cezar.

The airline said the latest agreement further demonstrates Cebu Pacific’s capability to enter wet lease arrangements with other airlines, both as a lessor and a lessee.

In 2023, Cebu Pacific recalled it signed a damp lease agreement with Bulgaria Air for two A320ceo aircraft to meet the growing travel demand in the Philippines amid the post-pandemic travel recovery.

The budget carrier also provided wet lease services to Saudi Arabian low-cost carrier flyadeal, which utilized two A320 aircraft to strengthen the Middle Eastern airline’s fleet during its peak summer flying season in 2025. — RSJ, GMA News