Cebu Pacific to wet lease A320neo aircraft to Vietnam Airlines

Cebu Pacific announced a new agreement to provide wet lease services to Vietnam Airlines, deploying one of its Airbus A320neo aircraft to support the Vietnamese flag carrier’s domestic operations over the coming months.

Under the arrangement, the aircraft, powered by Pratt & Whitney engines, will fly under Vietnam Airlines’ operations from July 15 through September 7, 2026. 

It will be based in Ho Chi Minh City and flown by Cebu Pacific’s own pilots and cabin crew for the duration of the agreement, covering domestic routes between Ho Chi Minh City and Cam Ranh, Phu Quoc, Vinh, and Da Nang.

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Why the airlines are teaming up

The deal comes as air travel demand across Vietnam and the wider Southeast Asian region continues to climb, creating room for airlines to lean on each other’s capacity rather than compete for it.

Mark Cezar, Chief Financial Officer of Cebu Pacific, said the airline’s growing fleet has put it in a position to shift aircraft to where they’re needed most, including through wet lease agreements during slower travel periods back home in the Philippines.

“This collaboration with Vietnam Airlines enables Cebu Pacific to broaden its role beyond passenger operations by providing operational support to airlines across the region,” Cezar said, adding that the partnership also opens up new ways for the airline to diversify its revenue and strengthen its footprint in one of the world’s fastest-growing aviation markets.

Part of a broader wet lease track record

The Vietnam Airlines agreement is not Cebu Pacific’s first venture into wet leasing, and it adds to a growing list of partnerships the airline has built on both sides of the arrangement, as both lessor and lessee.

In 2023, Cebu Pacific signed a damp lease deal with Bulgaria Air for two A320ceo aircraft, aimed at meeting a surge in Philippine travel demand during the post-pandemic recovery. 

More recently, in 2025, the airline wet-leased two A320 aircraft to Saudi Arabian low-cost carrier flyadeal, helping the Middle Eastern airline manage its peak summer flying season.

A fast-growing fleet behind the deal

Cebu Pacific’s ability to take on arrangements like this ties back to its expanding fleet, which now totals 100 aircraft, the youngest jet fleet in the Philippines, made up of a mix of Airbus A320, A321, A330, and ATR planes. 

The airline serves 35 domestic destinations from hubs in Manila, Cebu, Clark, Iloilo, and Davao, along with 26 international destinations across Asia, Australia, and the Middle East.

In 2024, Cebu Pacific signed a purchase agreement with Airbus and Pratt & Whitney for up to 152 A321neo aircraft equipped with GTF engines, a deal with a minimum commitment of 70 aircraft. Valued at roughly $24 billion based on list prices for the full order, it stands as the largest aircraft purchase agreement in Philippine aviation history.

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