Former inmates Jure Mikic and Miroslav Kosir laid wreaths and lit candles in front of a memorial plaque set up on the company premises.
Mass was said in the presence of several hundred former inmates by the local parish priest.
According to data provided by the Croatian Society of Former Inmates of Serb-run Concentration Camps, some 700 soldiers and civilians were killed in the company's hangars, while some 1,200 went missing.
The ceremony was held as part of events commemorating the fall of Vukovar into Serb hands in 1991.
Earlier in the morning, a meeting of reporters and writers was held in the town library in memory of Sinisa Glavasevic, a journalist and war correspondent from Vukovar, who was killed at Ovcara outside Vukovar on November 20, 1991.