VietJet’s Overseas Assets Frozen Up to $251.6 Million
A court in England has ordered the freezing of VietJet’s funds and assets outside Vietnam up to $251.6 million in connection with a debt dispute involving aircraft leasing company FW Aviation. Linked to FitzWalter Capital, FW Aviation is seeking to recover more than $250 million owed by the Vietnamese airline.
The dispute concerns four Airbus A321 aircraft leased by VietJet in 2018 and 2019. Following the suspension of lease payments after the outbreak of the COVID-19 pandemic, the agreements were terminated in October 2021, and the aircraft were returned by December 2022. In April 2025, the court ordered VietJet to pay approximately $181.5 million. With interest and legal costs, the total amount exceeded $250 million. As of May 2025, the airline had reportedly paid only $2 million toward the debt.
The asset-freezing order was influenced by VietJet’s transfer of rights related to aircraft orders to an affiliated company based in the Cayman Islands. Some media reports identified the company as Angelica Holding Limited. VietJet described the transfer as a routine commercial practice, while the court reportedly found that the airline had the means to pay but was avoiding payment.
The order aims to secure the recovery of the debt and does not cancel VietJet’s aircraft orders. A court in Vietnam had previously refused to recognize the English court’s ruling, while the appointment of a receiver over certain assets is being considered in separate proceedings. VietJet has yet to issue a detailed statement regarding the latest court decision.
