The deal is valued at $1 billion. GE beat out Britain’s Rolls Royce to build the engines for new Boeing (BA) 787 Dreamliners ordered by the airline, Bloomberg notes.
Vietnam Airlines is expected to begin taking delivery of 19 787-9 Dreamliners in 2015. The deal with Boeing was announced by Vietnam’s prime minister.
The signing of the agreement at the summit was requested by U.S. President Barack Obama, who will attend the meeting, which is being held in Brunei, according to the Vietnamese prime minister.
Despite the news, shares of General Electric slipped fractionally in Monday morning trading.