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

Vietnam’s trade surplus with the U.S. reached $123.5 billion in 2024, prompting both governments to initiate trade negotiations. Vietnam aims to enhance cooperation in sectors like aviation and high technology. Major contracts between Vietnamese companies and U.S. firms include: Vietnam Airlines signing a $1.5 billion deal with Pratt & Whitney for 44 A321neo engines, Vietjet Air agreeing to a $600 million deal with the same manufacturer for PW1000G engines, and PV GAS signing a $1.3 billion agreement for the Son My LNG Terminal project with AES. Vietnam Airlines also partnered with Citi for $560 million in financing for strategic investments. Vietjet secured a $12.7 billion contract for 100 Boeing 737 MAX planes and a $5.3 billion maintenance agreement for LEAP-1B engines. Vietjet and AV AirFinance agreed to a $300 million deal, raising the total contract value with U.S. partners to nearly $50 billion. Despite the large trade surplus, these efforts aim to balance the trade relationship between the two countries.