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, a 20% increase from the previous year, making Vietnam the third-largest trade surplus country with the US. In response, President Trump announced a 46% countervailing duty, and both parties are negotiating a trade agreement. The Prime Minister of Vietnam emphasized developing imports in sectors like aviation and high technology. Vietnam Airlines and Vietjet have signed multiple large contracts totaling billions of dollars for aircraft and engine purchases to narrow the deficit. Vietnam Airlines has contracts worth over $1 billion with Pratt & Whitney and Sabre, while Vietjet has a $12.7 billion order for 100 Boeing 737 MAX aircraft. PV GAS also signed major agreements for a LNG port project valued at $1.3 billion. These contracts reaffirm the strong trade relationship between the two countries.