ST Engineering enters joint venture with Vietnam Airlines

Singapore Technologies Engineering has entered into a joint venture with Vietnam Airlines Engineering Company (VAECO), a subsidiary of Vietnam Airlines. The joint venture will create a new company called Vietnam Singapore Technologies Engineering Aerospace (JVCo), based in Vietnam. The setting up of JVCo, which establishes the group’s first presence in Vietnam, follows a Memorandum of Understanding announced on 26 April 2018. The JVCo was set up with a paid up capital of $3.9m to provide component maintenance, repair & overhaul (MRO) solutions. ST Engineering has a 49% stake in the JVCo, with the remaining 51% held by VAECO. The new