Efforts to Narrow 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, ranking third globally. This prompted the US to propose a 46% tariff on Vietnam, leading both countries to negotiate a new trade agreement. Major contracts between Vietnamese and American firms may help reduce the trade deficit. Vietnam Airlines signed a $1.5 billion deal with Pratt & Whitney for aircraft engines, while Vietjet signed a $600 million agreement with Pratt & Whitney for ten new engines. PV GAS signed a $1.3 billion agreement for an LNG port project with AES Group. Vietnam Airlines is seeking $560 million in financing for investment projects, and Vietjet plans to purchase 100 Boeing 737 MAX aircraft worth $12.7 billion, with total contract values reaching nearly $50 billion. Additionally, Bamboo Airways signed a deal to purchase ten Boeing aircraft for nearly $3 billion. All these agreements may contribute to narrowing the trade deficit between the two countries.