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

Hong Kong Aircraft Engineering Company Limited (HAECO), SUN GROUP CORPORATION (Sun Group), Toyota Tsusho Corporation, and Japan Airlines Co., Ltd. (JAL) have agreed on June 16, 2026, to establish a joint venture to operate 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 developed under this project is scheduled to commence operations in 2028 and will be one of Vietnam’s largest aviation maintenance hubs, capable of simultaneously servicing four wide-body and two narrow-body aircraft on approximately 20 hectares of land within Van Don International Airport. By combining the strengths of the four companies, the project aims 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 service provider Sun Group: Leveraging its track record in airport development and infrastructure projects in Vietnam to establish foundational support Toyota Tsusho: Promoting alliance initiatives by utilizing its experience in building and operating global supply chains 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 maintenance demand grow at a pace exceeding aircraft fleet expansion 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, currently, aircraft MRO capabilities are concentrated in countries such as Singapore, Malaysia, and Thailand, and domestic MRO facilities in Vietnam are unable to meet growing demand. This project aims to address these challenges while enhancing Vietnam’s aircraft maintenance capabilities and achieving technological self-reliance. Additionally, Quang Ninh Province and the Van Don area, where the facility will be built, are expected to become new growth hubs actively promoting high-value industries alongside tourism, services, and logistics. The construction of this facility will stimulate regional employment and the clustering of related industries, contributing to local economic development. 3. Future Outlook This MRO complex will elevate Vietnam’s aircraft maintenance capabilities to international standards, serving as a crucial stepping stone for Vietnam 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 in aircraft maintenance and engineering services. Established in 1950, it offers comprehensive solutions ranging from 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 the latest updates on LinkedIn, X, and WeChat. ■ Sun Group Founded in 2007, Sun Group is one of Vietnam’s leading private enterprise groups, operating an integrated ecosystem across tourism, entertainment, hospitality, real estate, infrastructure, and aviation. Guided by its mission to “enhance beauty to the lands,” the group has significantly contributed to creating iconic tourist destinations across Vietnam. Its portfolio includes globally recognized tourism and hospitality brands such as “Sun World.” In aviation, the company is expanding through strategic investments in airport infrastructure and Sun Phu Quoc 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 medium- to long-term socioeconomic development and improved international connectivity. ■ Toyota Tsusho Toyota Tsusho Corporation, as the general trading company of the Toyota Group, operates globally across eight business areas: Metal+, Circular Economy, Supply Chain, Mobility, Green Infrastructure, Digital Solutions, Lifestyle, and Africa. Building on its automotive foundation, the company is strengthening initiatives in growth areas such as renewable energy, resource recycling, and African operations, contributing to solving social issues and achieving a sustainable society. For more information, visit the official website: 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, offers a network to 413 airports in 71 countries worldwide (*). Certified as a “5-Star Airline” by Skytrax and “World Class” by APEX, a North American nonprofit aviation organization, JAL is advancing toward realizing its “JAL Vision 2035” with safety as its foundation, positioning itself among the world’s top-tier airline groups. Under the brand slogan “Soaring Together,” JAL aims to be an airline group that enables customers to experience “authentic moments that delight the senses, encouragement toward new beginnings, and connections that enrich life” in every aspect of daily life. For more information, visit the website: https://www.jal.com/ja/ (*) Network includes group airlines.