An Airbus321 aircraft once operated by Pacific Airlines.

Regarding the information that Pacific Airlines Joint Stock Company (Pacific Airlines) has just returned all 3 operating aircraft to a foreign leasing unit, the airline's representative said that it is restructuring its fleet and flight network to ensure and increase operational efficiency.

During this time, some routes may change plans or temporarily suspend operations. The airline's flight schedule will be restored and return to stability soon in the near future.

Pacific Airlines has developed and implemented a plan to best ensure passenger benefits. Affected passengers will be notified of new flight schedules or transferred to Vietnam Airlines flights.

According to the fleet restructuring roadmap, Pacific Airlines will lease aircraft from Vietnam Airlines to improve the airline's operational efficiency, as well as optimize resources within Vietnam Airlines Group. The two sides have discussed and are finalizing the final procedures to complete the agreement, soon putting the aircraft into operation to serve passengers.

At the same time, Pacific Airlines will also receive support and coordination from Vietnam Airlines in sharing some infrastructure and passenger service resources such as check-in counters, ground service vehicles, etc.

Corporate restructuring is one of the effective self-solutions applied by many airlines around the world and in Vietnam in the context of the Covid-19 pandemic leaving serious and prolonged consequences for the aviation industry. This activity is considered necessary for Pacific Airlines to recover effectively, adapt quickly to the new environment and develop stably in the future.

This is the fourth restructuring since Pacific Airlines entered the aviation market in 1991 with only one aircraft. The most recent restructuring was associated with the event when Qantas carried out procedures to withdraw from Pacific Airlines and transferred 30% of its shares to Vietnam Airlines in the form of a gift. By the first quarter of 2022, this deal was completed and Vietnam Airlines has held nearly 99% of shares in Pacific Airlines since then.

According to Vietnam Airlines' annual report, in 2022, Pacific Airlines recorded total revenue in 2022 of nearly VND 3,487 billion, pre-tax loss of VND 2,096 billion, a loss of VND 212 billion compared to 2021.

Pacific Airlines' return of three foreign-leased aircraft will certainly cause the domestic aviation market to continue to face difficulties in supply during the peak summer season of 2024.

This situation is forecast to last until the end of 2024, especially in the context of a sharp decrease in market supply due to the engine manufacturer Pratt & Whitney (PW) being forced to recall the PW1100 engine (estimated to affect 600-700 PW1100 engines in operation on fleets operating worldwide).

In Vietnam, the engine recall will cause 22 A321NEO aircraft of the country's two largest airlines to stop operating in 2024 (starting from January 2024) and a similar number for 2025.