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

Vietnam’s trade surplus with the US reached $123.5 billion in 2024, up nearly 20% from the previous year, prompting the US to impose a 46% countervailing tariff. The two sides have initiated negotiations for a trade agreement. Vietnam aims to enhance imports from the US in aviation and high technology sectors. Vietnam Airlines signed a contract for 44 aircraft engines with Pratt & Whitney worth $1.5 billion, while Vietjet signed a $600 million deal for engines for A321neo aircraft. PV GAS also signed a $1.3 billion agreement for the Son My LNG port project. Additionally, Vietnam Airlines and Citi signed an MOU promising $560 million for the airline’s projects. Vietjet secured a contract to purchase 100 737 MAX aircraft for $12.7 billion, totaling 200 aircraft, and a $5.3 billion maintenance agreement with GE. Collectively, Vietnam is making significant strides in aviation and energy with these substantial agreements from the US.