The Vietnam News Agency said the airline had agreed to buy ten A350-900 XWB and ten A321 passenger aircraft, with the Vietnam Aircraft Leasing Company (VALC) buying a further ten A321 aircraft, which VALC will lease to Vietnam Airlines.
The contract follows agreements reached between Airbus and Vietnamese companies in October, when Nguyen Tan Dung, the Vietnam's prime minister, paid an official visit to France.
The French-based airline, which is an EADS company, will deliver the first A321 aircraft to Vietnam in 2012, while the first A350-900s are due to be handed over in 2016.
Vietnam Airlines, which is currently reported to have a fleet of around 50 aircraft, wants to increase their numbers to around 90 by 2015 and over 100 by 2020.
In 2006, the company served about 6.8 million passengers and earned over $1 billion in revenue, the company's website said. The airline has 38 destinations in Europe, Asia, Australia and the Middle East.
Last month the company signed a deal with Boeing, a top U.S. aircraft maker, for twelve 787-8 Dreamliners, four are being bought by airlines and eight by the VALC.
