import boeing dec2001

BOEING CO.: $680 million order by Vietnam Airlines


Reuters
Published December 11, 2001

Vietnam Airlines on Monday ordered four Boeing Co. 777 jets in a deal worth $680 million at list prices, the Chicago-based company said Monday.

The order is the first business transaction to be completed between companies in Vietnam and the U.S. under the bilateral trade agreeement ratified earlier this year by the two countries.

The 777-200ER is an extended-range plane designed to fly non-stop from Ho Chi Minh City to the Americas and Europe as well as throughout Asia. Boeing said it anticipates delivering the first plane in 2003.

Also Monday, Boeing announced that a government proposal to lease up to 100 of its 767 jetliners modified to refuel military aircraft would create 2,400 jobs, but not in time to reduce current job cuts of up to 30,000.

Boeing's jetliner unit has announced 14,900 job cuts in the wake of the Sept. 11 terrorist attacks, which prompted a severe cutback in airline traffic. Another 15,000 of Boeing's 95,000 commercial jet workers could go next year.

The Senate-approved program to replace aging U.S. Air Force KC-135 tankers, which still needs to be passed by the House of Representatives, would also support 5,500 jobs at Boeing suppliers beginning around 2004. But the first 767 tankers would not roll off the assembly line until 2005 or so.

The U.S. Air Force has lobbied to replace its KC-135 fleet, which is based on the defunct Boeing 707 line and is averaging more than 40 years of service.

Boeing stock lost 40 cents, to $36.90, on the New York Stock Exchange.

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Vietnam Airlines boost for Boeing

 

Boeing is set to sell four 777s to state-run Vietnam Airlines for US$440 million, reported the Vietnam Investment Review newspaper. (12/10/2001)

Boeing is set to sell four 777s to state-run Vietnam Airlines for US$440 million, reported the Vietnam Investment Review newspaper today. The paper, quoting Nguyen Tien Sam, President of the Civil Aviation Administration of Vietnam, said that Boeing had accepted an offer of US$110 million each for the jet liners as opposed to the US$140 million each asking price. The contract will be signed by Vietnam Airlines' chief, Nguyen Xuan Hien.

Hien is in the US as a member of a Vietnamese business team, whom are seeking business opportunities following the ratification of a market opening pact between the former enemies. The new Boeings could be used for long-haul flights to the US, as an historic flight deal is likely to be confirmed soon. Hien has also said that Vietnam Airlines sought discounts on the four 777s following the events of September 11 and because of the economic downturn. In addition, Hien confirmed that Vietnam Airlines would sign contracts in February next year to buy five Airbus A321s.

Author: Ian McInnes, Industry Journalist, Freelance

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Vietnam to ink $440 million Boeing 777 deal -media
Sunday December 9, 9:14 PM EST

HANOI, Dec 10 (Reuters) - State-run Vietnam Airlines is expected to sign an agreement in the United States this week to buy four Boeing 777 airliners for $440 million, official media said.

Monday's Vietnam Investment Review newspaper quoted Nguyen Tien Sam, president of the Civil Aviation Administration of Vietnam, as saying the head of Vietnam Airlines, Nguyen Xuan Hien, would sign the deal with Boeing Co (BA).

"In general every (that) needed to be done was done," the paper quoted Sam as saying.

Sam said Boeing (BA) had agreed to accept $110 million for each aircraft instead of the $140 million originally asked.

A CAAV official told Reuters he understood the deal would be discussed in the United States, but gave no further details. Officials of Vietnam Airlines were not immediately available for comment.

Hien is among a team of Vietnamese officials and business executives visiting the United States to promote business after the ratification of a historic market opening pact between the former Vietnam War enemies.

The Investment Review said the 777s would be used for medium and long-haul routes, including the United States, as a direct flight deal between the two countries was "imminent".

Vietnam and the United States have spent years negotiating a deal to allow direct flights by their carriers to each country.

Hien has told official media Vietnam sought discounts on the 777 purchases, given the downturn in the airline industry following the September 11 attacks on the United States.

Vietnam Airlines signed a letter of intent on the Boeings in November last year ahead of a historic visit by then U.S. President Bill Clinton.

It September, it signed a letter of intent to buy five A321s from Airbus SAS [ARBU.UL], which is 80 percent owned by European Aeronautic Defence & Space Co NV (EAD) (EAD).

Official media have quoted Hien as saying the airline planned to sign contracts on the Airbus purchases in February.


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