CEBU Pacific has entered into a wet lease agreement with Vietnam Airlines to deploy one aircraft and its crew to support the Vietnamese flag carrier's domestic operations for nearly two months.
In a statement on Thursday, Cebu Pacific said the agreement covered the lease of one Airbus A320neo aircraft, complete with pilots and cabin crew, from July 15 to Sept. 7.
The aircraft will be based in Ho Chi Minh City and will operate domestic flights to Cam Ranh, Phu Quoc, Vinh and Da Nang.
Chief Financial Officer Mark Cezar said the arrangement would allow Cebu Pacific to make productive use of available capacity while generating additional revenue.
"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," Cezar said.
"As Cebu Pacific's fleet continues to expand, we are well positioned to deploy our capacity where it is needed most, including through strategic wet lease partnerships during periods of lower demand in the Philippines."
Cezar said the agreement would also enable the airline to diversify its revenue streams while expanding its presence in one of Southeast Asia's fastest-growing aviation markets.
The carrier said the latest deal builds on its experience in aircraft leasing arrangements.
In 2023, it entered into a damp lease agreement with Bulgaria Air for two Airbus A320ceo aircraft, while in 2025 it provided two A320 aircraft under a wet lease agreement with Saudi Arabian low-cost carrier flyadeal during the Middle Eastern carrier's peak summer travel season.
A wet lease involves an aircraft, a complete flight crew, maintenance and insurance, while a damp lease does not include a crew.
Shares of Cebu Air, the operator of Cebu Pacific, closed unchanged at P28.95 each on Thursday.
