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

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

Summary

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

Vietnamese defense expenditure recorded a CAGR of 4.8% during 2019-23 and stood at $6.3 billion in 2023. Over 2024-28, it is forecast to register a CAGR of 6.4% to value $8.5 billion in 2028. Territorial claims in the South China Sea and the increasing strength and assertiveness of the Chinese armed forces have spurred the Vietnamese government to enhance its military capabilities. In terms of local currency, Vietnamese defense expenditure recorded a CAGR of 5.0% during 2019-23 and stood at VND145.7 trillion in 2023, while over 2024-28, it is forecast to register a robust CAGR of 7.8% to value VND210.3 trillion in 2028.

Key HighlightsVietnamese defense expenditure is valued at $6.3 billion in 2023 and registered a CAGR of 4.8% during 2019-23. However, Vietnam's defense expenditure is projected to grow at a CAGR of 6.4% to value $8.5 billion by 2028, mainly due to the country's plan to increase its defense capabilities to counter Chinese aggression in the South China Sea.Various ongoing issues with respect to its maritime boundaries are anticipated to be the major drivers for the country's re-armament initiative. The country's military modernization plans to boost its naval capability will boost defense spending over 2024-28.Due to the inherent flexibility of air power in the control of strategic areas, the country is also expected to invest in strengthening its air force capability and continue procuring advanced fourth-generation fighter platforms to secure the country's air space against possible intrusion.Who Should BuyDefence Startups, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives. The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements. The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.Scope

This report offers a detailed analysis of the Vietnam defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.

In particular, it 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's military 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 BuyDetermine prospective investment areas based on a detailed trend analysis of the Vietnam defense market over the next five yearsGain in-depth understanding about 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 othersIdentify the major threats that are driving the Vietnam defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansionChannel resources by focusing on the ongoing programs that are being undertaken by the Vietnam governmentMake correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available