Boston, MA -- (SBWire) -- 07/30/2013 --This report is the result of SDI's extensive market and company research covering the Vietnamese defense industry, and provides detailed analysis of both historic and forecast defense industry values including key growth stimulators, analysis of the leading companies in the industry, and key news.
Introduction and Landscape
Why was the report written?
Future of the Vietnamese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 offers the reader an insight into the market opportunities and entry strategies adopted by foreign original equipment manufacturers (OEMs) to gain market share in the Vietnam defense industry.
What is the current market landscape and what is changing?
With booming economy and maritime trade, Vietnam finds itself in the middle of an Asian arms race. A looming Chinese threat and the need to replace obsolete military equipment are expected to drive the country's defense expenditure over the forecast period. Vietnam's defense budget is valued at US$3.1 billion in 2013, and is expected to grow at a faster pace over the forecast period than during the review period. Vietnam's military expenditure is expected to grow at a CAGR of 7.84% over the forecast period to reach US$4.6 billion by 2018, compared to the registered growth rate of 6.26% during the review period. The Vietnamese government is estimated to increase its allocation for capital expenditure over the forecast period to an average of 32.5% of total defense expenditure. The country is expected to procure military equipment to boost its naval strength and maritime security in order to counter the threat from the growing Chinese naval strength in the South China Sea. In addition, Vietnam is also expected to procure military equipment such as aircraft, missiles and armored vehicles as part of its modernization program. Foreign companies may gain from the Vietnamese government's efforts to open its defense market and look beyond its traditional arms supplier, Russia.
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What are the key drivers behind recent market changes?
Strained relationship with China and military modernization are expected to drive military spending Vietnam is expected to spend US$6.4 billion on the acquisition of weapons and defense systems during the forecast period. Factors such as disputed territorial claims in the South China Sea, Chinese naval build-up, and the acquisition of modern military hardware to replace outdated and aging equipment are anticipated to drive the country's military expenditure.
What makes this report unique and essential to read?
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Recently Released Market Study: Future of the Vietnamese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
New Defense market report from Strategic Defence Intelligence: "Future of the Vietnamese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018"