On Wednesday, Czech President Petr Pavel signed a law that raises the country's annual defense spending to at least 2 percent of GDP, his office said.
The law, which comes into force in July and applies to the next year's state budget, aims to provide stable funding for costly defense projects to modernize the military.
This commitment aligns with a 2006 agreement among members of NATO, which requires them to allocate 2 percent of their GDP on defense to maintain the alliance's military readiness. The Czech Republic has repeatedly said it wants to increase its defense spending.
Czech Republic plans to supply Vietnam with more aircraft, radars and other equipment.
The Czech government's plans have so far included defense spending of 130 billion Czech crowns $5.88 billion. To achieve the 2 percent target, the defense ministry's budget would increase by about 21.5 billion Czech crowns in 2024, the Czech News Agency reported.
Prague has been accused by Russia of 'illegal' moves against its embassy.
The Czech government yesterday approved a plan to purchase 246 CV 90 infantry fighting vehicles from Sweden. The deal, valued at 59.7 Billion Czech crowns, was described by local media as the largest military purchase in the modern history of the Czech Republic and one of the largest state transactions ever made. The first vehicles will be delivered in 2026 and completed by 2030. 0.0452 US dollar 0.0452 Czech crown 0.0452