Vietnam and South Korea are seriously considering acquiring refurbished Lockheed Martin's Corp P-3 and S-3 maritime surveillance planes as both countries seek to counter China's military buildup.   

Vietnam plans to purchase a four-to-six-year-old U.S. Navy P-3 Orion aircraft whereas South Korea is only looking to acquire new wings for its existing aircrafts.

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Reports suggest that Vietnam is likely to make a quotation inquiry for a Navy P-3 Orion aircraft within the next few months. Clay Fearnow, a senior executive with Lockheed's aeronautics division, has said that the price of a P-3 could be priced anywhere between $80 million and $90 million.

Other big competitors like Boeing and Airbus are also in contention to lure Vietnam with its surveillance planes. However, Boeing's P-8 Poseidon surveillance planes are reportedly relatively new and more expensive than Lockheed's P-3 planes.           

The U.S. State Department has declined to comment on potential sale of surveillance planes to Vietnam and South Korea. Vietnam's plan to acquire Lockheed surveillance planes comes just a few weeks after U.S. President Obama Obama lifted a 41-year-old arms ban on Vietnam. The historic decision eventually paves way for Vietnam to acquire latest military arsenals and technology from U.S.     

However, the move comes with a condition and the U.S. has categorically stated that it will closely review Vietnam's track record on human rights violations before signing any arms deal with the communist country.

Obama also met several dissident leaders and political activists to discuss the human rights issue during his three-day historic visit to Vietnam last month.

TagsVietnam, china, South Korea, Lockheed Martin, vietnam arms embargo, Lockheed Martin P3, Lockheed Martin S3