Billionaire and founder of Vietjet (VJC) Nguyen Thi Phuong Thao recently met with strategic partners from many parts of the world at the Mar-a-Lago estate of US President-elect Donald Trump during the “Friends of Vietnam Summit” event from January 9-11.

This is a notable event in US-Vietnam economic relations, before Mr. Donald Trump returns to the White House (January 20).

VietJet's push to purchase Boeing aircraft from the US not only helps strengthen trade relations between the two countries but also promotes cooperation in the aviation sector as well as enhances domestic and international connectivity.

According to VietJet, in 2025, Boeing will deliver 14 737 Max aircraft to Vietjet. In 2017, at the suggestion of President Trump, Vietjet ordered 100 aircraft, bringing the total number of aircraft VietJet ordered from Boeing to 200 737 Max aircraft.

This is a big deal for VietJet. Estimated at around $100 million per aircraft, the total contract value could be as high as $20 billion. With a large-batch purchase, the discount price is likely to be very attractive, benefiting both VietJet and US aircraft manufacturer Boeing.

VietJet's deals are the largest commercial aircraft purchase and sale agreements in the Vietnamese aviation industry to date and also the largest in Asia for the B737 Max aircraft model.

VJC2025Jan9 MsThaothamMy.gif
Billionaire Nguyen Thi Phuong Thao met with strategic partners from many parts of the world in the US from January 9-11. Photo: VJC

Boost purchases of American goods

Since 2011, the US has always been a key export market for Vietnam and currently accounts for nearly 30% of Vietnam's total export turnover. The main export items are textiles, footwear, furniture, seafood, agricultural products, etc.

On the other hand, Vietnam is also increasing its imports of goods from the US, not only machinery for production but also agricultural products.

According to statistics from the General Department of Customs, in 2024, the country will import more than 15.1 billion USD worth of goods from the US, an increase of more than 9.4% compared to more than 13.8 billion USD in 2023.

Of which, imports of computers, electronic products and components reached nearly 4.34 billion USD, compared to more than 3.8 billion USD in 2023; imports of machinery, equipment, tools and spare parts from the US increased to nearly 1.1 billion USD, compared to nearly 919 million USD in 2023.

Imports of animal feed and raw materials from the US in 2024 also reached nearly 1.02 billion USD, a sharp increase compared to nearly 762 million USD in the previous year.

In 2024, Vietnam will also import nearly 784 million USD worth of raw plastic materials from the US, compared to 717 million USD in 2023. Imports of pharmaceuticals from the US will be nearly 513 million USD, compared to 393 million USD. Vegetables and fruits will be 544 million USD, compared to 332 million USD in 2023.

However, import turnover of some other items from the US decreased, such as: cotton (681 million USD, compared to 912 million USD), chemicals (637 million USD, compared to 683 million USD)...

Trade growth from comprehensive strategic partnership

For many years, Vietnam has had a large trade surplus with the US and has been regularly put on the watch list by the US government to monitor whether it is manipulating its currency or not.

The US considers whether a country is manipulating its currency based on three criteria: bilateral trade surplus with the US (not exceeding 15 billion USD); current account surplus (not exceeding 3% of GDP); and one-sided and prolonged intervention in the foreign exchange market.

The third criterion is based on the total net foreign exchange purchases by the central bank over 12 months.

If a major trading partner with the US exceeds two of the three criteria above, the US will put the country on a "monitoring list". That country will also continue on this list for at least the next two reporting periods.

According to the conclusion announced in November 2024, the US continues to determine that Vietnam is not manipulating its currency. The US Treasury Department positively assesses Vietnam's monetary policy.

In fact, the bilateral trade surplus between Vietnam and the US has expanded significantly over the past six years, mainly due to growth in goods trade, led by electronics and machinery. The bilateral trade surplus between Vietnam and the US in 2024 was US$104.4 billion (Vietnam exported US$119.5 billion). Vietnam ranked third among the US's major trading partners in terms of trade surplus, after China and Mexico.

When a country is accused of currency manipulation by the US, it will not be allowed to enter into economic contracts with the US Government, and may apply tariffs and trade barriers.

Increasing imports of US goods to reduce the trade surplus is seen as a solution to maintain positive economic relations between the two countries.

Vietnam can focus on importing important items for national development, such as: machinery for thermal power plants (serving infrastructure), purchasing airplanes, high-tech products...

When large corporations increase their use of high-quality American products and services, it helps increase domestic economic efficiency and prospects while reducing the trade surplus with the United States.

The US is a country with leading technology in the world, especially chip technology, aerospace technology, renewable energy technology... Cooperating with businesses such as Nvidia, Apple, SpaceX... is in line with the development trend of Vietnam's economy.

What is the signal from the Vietnamese billionaire meeting with American partners at Mr. Trump's mansion? Billionaire and founder of Vietjet Nguyen Thi Phuong Thao met with strategic partners from many parts of the world in the United States from January 9-11. This is a notable event before Mr. Donald Trump returns to the White House.