Vietnam Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Vietnam Defense Market Report Overview

The Vietnamese defense market budget is worth $6.3 billion in 2023 and is expected to achieve a CAGR of more than 6% during 2024-2028. The Vietnamese defense market research report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.

Vietnam Defense Market Outlook 2023 – 2028 ($ Billion)

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Vietnam Defense Market Dynamics

Vietnam is planning to replace its obsolete equipment to combat the modern threat scenario. The country’s military modernization efforts are focused on preventing China from taking hold of disputed territory in the South China Sea. Some of the major procurement programs in the Vietnam Defense market are L-39, High-speed Patrol Vessels, and Indigenous midget submarine.

However, the lack of transparency and prevalence of corruption hinder the growth of the domestic defense industry. The government’s procurement process is a multi-layered decision-making process, which, regardless of recent improvements, often lacks transparency and efficiency.

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Vietnam Military Doctrines and Defense Strategies

Vietnam builds its national defense power based on the overall strength of the whole nation and the great solidarity of the masses, thereby consolidating, and strengthening national unity. The country’s National Defense Policy is peaceful and emphasizes self-defense and the need to settle disputes and divergences resolutely, and consistently through peaceful means.

Vietnam advocates developing defense relations with all nations, especially its neighbors, strategic partners, comprehensive partners, building confidence, and garnering international support and assistance to preclude and respond to the risk of war.

Vietnam Defense Market Segmentation by Sectors

The key sectors in the Vietnam defense market are military fixed-wing aircraft, submarines, military UAV, EOIR systems, naval vessels and surface combatants, and tactical communication systems among others. Between 2023 and 2028, the military fixed wing is expected to be the leading sector in the Vietnam defense market, followed by submarines and EOIR systems.

Vietnam Defense Market Analysis by Sectors

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Vietnam Defense Market - Competitive Landscape

Some of the leading defense companies in Vietnam are JSC Sukhoi, Israel Aerospace Industries, United Aircraft Corporation, Mhi Aerospace Vietnam Co, Larsen & Turbo, OMNIPOL, Industrial Research Institute for Automation and Measurements (PIAP), Z189 shipyard, Hong Ha shipyard, Textron, Vanxuan Corporation, GAET, Viettel, Tecapro, Hitaco, and Thai Son Corporation.

Vietnam Defense Market Report Overview

Scope

The report provides an in-depth analysis of the following –

• Vietnam defense budget: detailed analysis of the Vietnam 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
• Regulation: the procurement policy and the process is explained. This is coupled with an analysis of the Vietnam military doctrine and strategy to provide a comprehensive overview of Vietnam military procurement regulation.
• Security Environment: political alliances and perceived security threats to Vietnam are examined; there help to explain trends in spending and modernization.
• Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
• Competitive landscape and strategic insights: analysis of the competitive landscape of Vietnam’s defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Vietnam defense market over the next five years.
• Gain an in-depth understanding of the underlying factors driving demand for different defense and internal security segments in the Vietnam market and identify the opportunities offered.
• Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others.
• Identify the major threats that are driving the Vietnam defense market providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channel resources by focusing on the ongoing programs that are being undertaken by the Vietnam government.
• Make correct business decisions based on an in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available.