Cebu Pacific Enters Wet Lease Agreement with Vietnam Airlines

Cebu Pacific, the largest airline in the Philippines, has formalized a wet lease agreement with Vietnam Airlines, under which it will provide an Airbus A320neo aircraft along with its crew. This arrangement will support Vietnam Airlines' domestic operations from July 15 to September 7, 2026, with the aircraft based in Ho Chi Minh City.

According to Cebu Pacific Chief Financial Officer Mark Cezar, the lease will enable the airline to utilize its capacity effectively while generating additional revenue. He noted that the growth in air travel demand across Vietnam and the broader Southeast Asian market presents collaborative opportunities for airlines. Cezar stated that the growth in air travel demand across Vietnam and the broader Southeast Asian market creates opportunities for airlines to collaborate more closely in meeting demand.

The Airbus A320neo will operate domestic routes connecting Ho Chi Minh City with popular destinations such as Cam Ranh, Phu Quoc, Vinh, and Da Nang. This strategic move allows Cebu Pacific to diversify its revenue streams while enhancing its presence in one of the fastest-growing aviation markets globally.

“Vietnam and the broader Southeast Asian market continue to see strong growth in air travel, creating opportunities for airlines to collaborate more closely in meeting demand.”Mark Cezar, CFO of Cebu Pacific

This latest agreement builds on Cebu Pacific's experience with aircraft leasing. Earlier this year, the airline entered into a damp lease agreement with Bulgaria Air for two Airbus A320ceo aircraft, and in 2025, it provided two A320 aircraft under a wet lease to Saudi Arabian low-cost carrier flyadeal during peak travel seasons.

As of now, Cebu Pacific operates a fleet that includes 14 Airbus A330s, 27 Airbus A321s, 40 Airbus A320s, and 20 ATR turboprop aircraft. The airline expects to expand its fleet further by adding seven aircraft this year. In the first quarter of 2026, Cebu Air, Inc., the parent company of Cebu Pacific, reported a net loss of approximately ₱419.94 million ($7.4 million), a reversal from a net income of ₱465.90 million ($8.2 million) in the same period last year, attributed to rising operating expenses.