HAECO, Sun Group, Toyota Tsusho, and JAL to Jointly Launch Aircraft MRO Operations at Van Don International Airport, Vietnam

June 16, 2026 Hong Kong Aircraft Engineering Company Limited SUN GROUP CORPORATION Toyota Tsusho Corporation Japan Airlines Co., Ltd. Hong Kong Aircraft Engineering Company Limited (HAECO), SUN GROUP CORPORATION (Sun Group), Toyota Tsusho Corporation, and Japan Airlines Co., Ltd. (JAL) today announced an agreement to establish a joint venture for the operation of a $360 million aircraft maintenance, repair, and overhaul (MRO) complex at Van Don International Airport in Quang Ninh Province, Vietnam. 1. Project Overview and Roles of Each Company The MRO complex under development is scheduled to commence operations in 2028 and will be one of Vietnam’s largest aviation maintenance hubs, located on approximately 20 hectares within Van Don International Airport. It will have the capacity to simultaneously accommodate four wide-body and two narrow-body aircraft. By combining their respective strengths, the four companies aim to capture the rapidly growing aviation demand in Southeast Asia and deliver MRO services to international standards. HAECO: Providing advanced maintenance technology and operational expertise as a global MRO provider Sun Group: Leveraging its proven track record in airport development and infrastructure projects in Vietnam to establish foundational support Toyota Tsusho: Driving the development and operation of global supply chains and alliance initiatives JAL: Contributing operational and maintenance expertise based on safety and quality, along with human resource development support 2. Market Background and Business Significance Southeast Asia is one of the world’s fastest-growing aviation markets. In particular, Vietnam is expected to see aircraft maintenance demand outpace domestic supply capacity due to rising air travel demand. According to the Civil Aviation Authority of Vietnam, the country’s MRO market could reach approximately $7.4 billion by 2030. However, aircraft MRO capabilities are currently concentrated in countries such as Singapore, Malaysia, and Thailand, leaving Vietnam’s domestic maintenance infrastructure unable to meet growing demand. This project aims to address these challenges while advancing Vietnam’s aviation maintenance capabilities toward technological self-reliance and higher standards. Additionally, Quang Ninh Province and the Van Don area are emerging as new growth hubs, actively promoting investment in tourism, services, logistics, and high-value industries. The construction of this facility is expected to generate local employment, foster related industries, and contribute to regional economic development. 3. Future Outlook The MRO complex will elevate Vietnam’s aircraft maintenance capabilities to international standards, serving as a critical stepping stone for the country to participate in higher-value segments of the global aviation value chain. The four companies will integrate aviation infrastructure, maintenance technology, operational expertise, and industrial networks through this project, contributing to the development of a sustainable aviation ecosystem and a safe, secure aviation society. Company Profiles ■ HAECO HAECO Group is one of the world’s leading providers of aircraft maintenance and engineering services. Established in 1950, it offers comprehensive solutions including airframe maintenance, line maintenance, component overhaul, structural repair, landing gear services, engine services, global engine support, parts manufacturing, and technical training. The group comprises 14 operating companies and employs approximately 15,000 people across Hong Kong, mainland China, Europe, and the Americas. For more information, visit the official website at www.haeco.com or follow updates on LinkedIn, X, and WeChat. ■ Sun Group Founded in 2007, Sun Group is one of Vietnam’s leading private conglomerates, operating an integrated ecosystem across tourism, entertainment, hospitality, real estate, infrastructure, and aviation. Guided by the mission of “enhancing beauty to the lands,” the group has played a major role in creating iconic tourist destinations across Vietnam. Its portfolio includes globally recognized tourism and hospitality brands such as “Sun World.” In aviation, the group is expanding through strategic investments in airport infrastructure and Sun PhuQuoc Airways, which operates a hub-and-spoke network centered on Phu Quoc. It is also involved in key infrastructure projects supporting APEC 2027 in Phu Quoc. Through this integrated ecosystem approach, Sun Group contributes to Vietnam’s long-term socioeconomic development and improved international connectivity. ■ Toyota Tsusho Toyota Tsusho Corporation, as the trading arm of the Toyota Group, operates globally across eight business domains: Metal+, Circular Economy, Supply Chain, Mobility, Green Infrastructure, Digital Solutions, Lifestyle, and Africa. Building on its automotive foundation, the company is strengthening initiatives in renewable energy, resource recycling, and African operations to address social challenges and contribute to a sustainable society. For more information, visit https://www.toyota-tsusho.com/. ■ Japan Airlines (JAL) Japan Airlines (JAL), established in 1951, is a member of the oneworld® alliance. As of March 2026, it operates a fleet of 264 aircraft and, together with partner airlines, serves 413 airports in 71 countries worldwide (*). Recognized as a “5-Star Airline” by Skytrax and “World Class” by APEX, a North American nonprofit aviation organization, JAL is among the world’s top-tier airline groups, advancing toward the realization of “JAL Vision 2035” with safety as its foundation. Under the brand slogan “Soaring Together,” JAL aims to deliver an airline experience that evokes “authentic sensations, encouragement toward new steps, and connections that enrich life” across all aspects of daily life. For more information, visit https://www.jal.com/ja/. (*) Network includes group airlines.