Defense Spending Forecast – Vietnam
A quantitative analysis of Vietnam
Published: August 1, 2016
Vietnam is forecast to grow its defense spending and defense procurement. The data used in this report is sourced from Avascent’s Global Platforms and Systems tool, which identifies and forecasts defense procurement in the U.S. and abroad.
- Ambitious, double-digit year-on-year growth in defense spending over the past decade signals commitment to upgrade defense capabilities, will persist through the forecast window
- Emphasis on maritime modernization will continue to drive spending on surface combatants and advanced coastal and maritime surveillance systems
- Nascent, uncompetitive domestic defense industry will reinforce armed forces’ reliance on foreign imports through the near-and mid-term, historically of Russian origin but increasingly from Western sources as geopolitical balance shifts
- Ambiguous, not clearly defined procurement process and strategy may introduce uncertainty at the beginning of newly established buyer-seller relationships