Efforts to Reduce US-Vietnam Trade Deficit: A Series of Billion-Dollar Orders from Vietnam Airlines, Vietjet, and PV GAS

Vietnam’s trade surplus with the United States reached $123.5 billion in 2024, up 20% from the previous year, making Vietnam the third-largest trade surplus country with the US. To address this issue, the US announced tariffs on Vietnam and both countries are negotiating trade agreements. Vietnam is working to increase imports of American products, such as aviation and high technology. Major aviation and energy deals signed include:
1. Vietnam Airlines signed a $1.5 billion contract to purchase engines from Pratt & Whitney.
2. Vietjet has a $600 million agreement with the same company for engines.
3. PV GAS signed a $1.3 billion memorandum with AES for a major LNG port project in Vietnam.
These partnerships not only strengthen trade relations but also help reduce the trade deficit between the two countries. Additionally, Vietnam Airlines and Vietjet have announced multiple orders worth billions with leading US corporations to modernize their fleets.