Milbank, Tweed, Hadley & McCloy has advised Vietnamese low-cost carrier VietJet on its purchase of 100 Boeing 737 MAX 200 jets worth $11.3 billion, making it the largest commercial aircraft order ever in Vietnam.
Milbank also represented the airline earlier when it signed a $3.04-billion deal for engines made by Pratt & Whitney, a unit of United Technologies, for 30 Airbus A321 planes.
The deal, signed during U.S. President Barack Obama's visit to Vietnam, will add to VietJet’s current fleet of 36 Airbus planes. It makes VietJet one of Southeast Asia's fastest-growing low-cost carriers. The airline presently has a 40 percent share of Vietnam's domestic market and will probably surpass Vietnam Airlines this year as the largest domestic carrier.
Southeast Asia's airline market has grown rapidly over the last decade, fueled by the emergence of budget airlines that offer greater travel options for the middle class.
The Milbank team on the deal was led by Paul Ng, head of the firm’s aviation and asset finance practice in Asia.