With an increased budget, Vietnam is expected to replace older equipment and introduce new and modern capabilities. As a result, it is opening up significant opportunities for the defense and security industry to meet Vietnam’s capability requirements.
The country’s defense budget is expected to increase from US$5 billion in 2018 to US$7 billion by 2022. With almost half a million active personnel, the Vietnam defense and security market has immense potential for the defense industry. Vietnam is also strengthening its Police and national security, with an increased budget to US$4.5 billion by 2024.