INDUSTRY NEWS

India and Vietnam agree to expand defence and civil nuclear partnership

Published Date | 2018 November 21

India and Vietnam agreed to strengthen bilateral cooperation across the sectors which include defence, atomic energy, science, oil & gas, infrastructure development, and agriculture.
India: India and Vietnam during a visit to President Ram Nath Kovind to Hanoi on Tuesday agreed to further strengthen bilateral cooperation across sectors including defense, peaceful uses of atomic energy and outer space, science and technology, oil and gas, infrastructure development, agriculture, and innovation-based sectors The two governments have signed four MOUs in the field of education, communication, investment, and trade to take bilateral agenda forward. The two governments have committed to deepening their defense and security cooperation. Vietnam will be taking India’s help to provide training support for the Vietnam Armed Forces. The governments also reviewed the implementation of the line of credit of US 100 million for building high-speed patrol vessels for Vietnamese Border Guards. Their discussions covered a full range of bilateral and multilateral cooperation. As Comprehensive Strategic Partners, India and Vietnam have a strong bilateral relationship based on mutual trust, understanding, the convergence of views on regional and international issues and strengthen cooperation in regional and multilateral for a Vietnam. According to BlueWeave Consulting, growth in the defense sector is mainly attributed to increasing technological innovation and advancement. Various nations are now focusing on the development of protection systems as well as trade with other militaries. Increasing security-related concerns among various economies and growing government spending in defense research and development activities will accelerate industry growth. Globally established and developing economies are spending large share towards security to enhance their fighting abilities, at more affordable cost and with updated technology driving the global defense market. According to upcoming report by BlueWeave Consulting on “Global Defence, By Components, By Application, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, Leading countries such as Israel, Russia, and China spend the immense amount on defense sector, in coming 10 years the market will witness several new investments in spending in improvising their resistance systems. As of 2015, U.S spends around 53.7% of its fiscal budget for military utilities and accounted for 36.7% of the overall industry share. It spends as much as USD 601.9 billion and ranks first in case of defense expenditure across the globe. These factors will substantially drive the global defense market over the forecast period.