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

Vietnam recorded a trade surplus of 123.5 billion USD with the US in 2024, up nearly 20% from 2023. This was the basis for the US to impose a 46% tariff and initiate negotiations on a trade agreement. The Prime Minister of Vietnam committed to reducing the deficit through cooperation and imports in aviation and high technology. Numerous significant contracts were signed between Vietnamese and American companies, notably: a 1.5 billion USD contract for Airbus engines between Vietnam Airlines and Pratt & Whitney, 600 million USD from Vietjet for PW1000G engines, and 1.3 billion USD for an LNG port between PV GAS and AES Group. Vietnam Airlines is also negotiating a 3.7 billion USD investment for 50 Airbus A320NEO aircraft, while Vietjet has a 12.7 billion USD order for 100 Boeing 737 MAX jets. The total contract value of Vietjet with American partners reaches nearly 50 billion USD. These agreements not only enhance trade relations but also boost Vietnam’s aviation and energy sectors.