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07 Dec 2018

Vietnam’s defense spending to cross $7bn mark by 2022


Vietnam’s plans to increase defense spending shows no signs of slowing down, with reports indicating that it will rise from $5bn in 2018 to $7.1bn by 2022.

The increase in the nation's defence expenditure is largely driven by military modernisations plans to replace its existing obsolete equipment.

Vietnam plans to acquire a number of fighter and multi-role aircraft, naval ships, patrol vessels, maritime patrol aircraft, submarines and surveillance equipment in the near future.