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Top defence companies in Vietnam

Top defence companies in Vietnam

Tuesday 08, 06 2021
Currently, there are more than 20 defence companies in Vietnam (under the Ministry of Defence) operating in the fields of telecommunications, logistics, mechanics, farming and construction.

Most of these companies are very large and have good reputation as well as growth potential. Below is detailed information of some of the largest defence companies in Vietnam compiled by Vietnam Credit.


Viettel Military Industry and Telecoms Group is a defence company with 100% state capital. The enterprise is responsible for inheriting the rights, legal obligations and legitimate interests of the Military Telecommunications Corporation. It is directly under the Ministry of Defence and operates in the fields of post - telecommunications and information technology.


Viettel is the telecommunications enterprise with the largest number of customers in Vietnam. In addition, its services are also present in 13 countries from Asia, America to Africa with a market size of 270 million people.

Since 2000, the company has generated more than 1.78 million billion VND in revenue. Its profit has reached 334 trillion VND while its equity is 134 trillion VND.

In 2019, the company was among 15 largest telecommunications companies in the world in terms of number of subscribers. In addition, it is also honored to be one of 40 largest telecommunications companies in the world in terms of revenue. Viettel's brand value was estimated at $4.3 billion by Brand Finance.

In 2020, Viettel was one of the largest companies in Vietnam by revenue, according to Vietnam Credit. Viettel’s revenue in 2020 reached 4.1 billion USD, down 2% compared to 2019.

Construction, real estate and shipbuilding

There are about 8 companies under the Ministry of Defence operating in this field.

The first one to be mentioned is 319 Corporation Ministry of Defence, which conducts a lot of real estate projects and transport infrastructure, especially BOT projects and National Highway 1A expansion.


Meanwhile, Corporation 36 specializes in basic construction and installation (accounting for over 80% of total revenue). In 2020, despite the negative impacts of the Covid-19 pandemic, Corporation 36 still recorded impressive business results, with revenue reaching 2,308.9 billion VND, and profit after tax reaching 57.8 billion VND, which is an increase of 28.7% and 83.4%, respectively, compared to 2019.

Corporation 789 and Thanh An Corporation also operate in the field of construction - real estate.

In particular, Thanh An Corporation has participated in many key projects such as Terminal T1 Noi Bai Airport, and large medical and hospital projects such as Bach Mai Hospital II, Vietnam Cuba Friendship Hospital – Dong Hoi, the Central Hospital for Tropical Diseases, and a number of BOT projects on National Highway 1, while Corporation 789 stands specializes in civil construction and construction material production.

Among the enterprises operating in this field, Truong Son Construction Corporation and Lung Lo Construction Corporation are ones with particular experience in the construction and installation of hydroelectric projects.

In terms of shipbuilding, there are two enterprises under the Ministry of National, including Song Thu Corporation and Ba Son Corporation. Ba Son's main activities are building general cargo ships and container ships (accounting for over 50% of products in recent years), while Song Thu focuses on products with specific functions such as construction ships, defence patrol ships and multi-purpose ships dealing with incidents at sea.

Finance and Insurance

In the field of finance, Military Bank (MBB) is also one of the largest banks in Vietnam. Listed since 2011 but it was not until the beginning of 2017 that MBB stock really flourished.


In 2020, MBB's total consolidated assets reached 495,000 billion VND, an increase of 20% compared to 2019. The bank's consolidated pre-tax profit reached 10,688 billion VND, 18.9% higher than the year plan.

Another defence company that also operates in the financial and insurance sector is Military Insurance Corporation (MIC). In 2020, the company recorded original insurance revenue of 3,157 billion VND, an increase of 26%.

Other fields

Many defence companies operating in other fields are becoming top enterprises in their business sectors. For example, in logistics, Saigon Newport is an household name while Military Petrochemical Joint Stock Company (MIPEC) and Dong Bac Corporation - Ministry of Defence are large companies in oil and coal mining.

Compiled by Vietnam Credit


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