Vietnam has launched a ‘spearheads of industry’ initiative to support the local development of military technologies through investment in one of its biggest defence corporations, the Viettel Military Industry and Telecoms Group (Viettel).
Vietnam’s Ministry of Planning and Investment said that through the new project the government will set up a new funding mechanism for the national defence industry with the aim to support national economic growth and create jobs in the wake of the Covid-19 pandemic.
Vietnam has outlined a plan to support the development of one of its biggest defence firms, the Viettel Military Industry and Telecoms Group. (Getty Images)
Another aim of the project is to support civilian-military integration and the local advancement in defence technologies, particularly those related to 4th Industrial Revolution (4IR) capabilities such as artificial intelligence and autonomous systems.
The spearhead project identifies Viettel as one of three state-owned enterprises to take part in an initial phase starting in 2021. To support development in Vietnam’s communications sector the government will invest in Mobifone while advancements in the energy domain will be supported through investment in electricity group EVN.
In total, the ministry eventually hopes to include in the project 17 state corporations across various sectors.
In reference to Viettel, the ministry said that the company, which is active in both commercial and military sectors, is seeking to expand its defence revenues through enhanced focus on three areas of capabilities, “high-tech defence industry; electronics and telecommunications; and network-security industry”, it said.