YKVN advised Sun Group on its US$360 million aircraft MRO joint venture with HAECO, Toyota Tsusho and Japan Airlines

YKVN advised Sun Group Corporation (“Sun Group”) on its joint venture with Hong Kong Aircraft Engineering Company Limited (“HAECO”), Toyota Tsusho Corporation (TSE: 8015) (“Toyota Tsusho”) and Japan Airlines Co., Ltd. (TSE: 9201) (“JAL”) to develop an aircraft maintenance, repair and overhaul (“MRO”) complex at Van Don International Airport in Quang Ninh Province, Vietnam. The project involves a total investment of approximately US$360 million. 

This transaction is a landmark aviation infrastructure project in Vietnam as it represents the first large-scale aircraft MRO complex to be established at a privately owned airport in Vietnam while bringing together leading aviation and industrial groups from Vietnam, Hong Kong and Japan through a highly sophisticated cross-border joint venture structure. Once operational, the facility is expected to substantially enhance Vietnam’s domestic aircraft maintenance capabilities, reduce reliance on overseas MRO services, support the rapid growth of the country’s aviation sector, and further strengthen Vietnam’s position within the regional aviation value chain. 

The facility is planned to cover approximately 170,000 square meters and accommodate up to four wide-body aircraft and two narrow-body aircraft simultaneously. It is expected to commence operations in 2028. 

The YKVN team was led by Partners Vu Dzung and Le Thi Loc, with support from Counsel Huynh Thong, Senior Associate Truong Quoc Bao, and Associate Nguyen Duc Tien. 

For more information about the transaction, please see Sun Group’s announcement here.