Airbus will work with Vietnam to develop the country's space industry following a letter of intent inked recently between the European manufacturer and the Vietnamese Ministry of Science and Technology, Vietnam News Agency reported on Friday.

Potential areas of bilateral collaboration include the exchange of information on issues related to Earth observation, organizing and participating in scientific and technological events, and research into satellite technology.

In 2010, Airbus won a contract to develop, manufacture and launch Vietnam's first Earth observation satellite. The VNREDSat-1 was successfully launched in 2013, enabling the country to better monitor and study the effects of climate change, predict and take measures to prevent natural disasters, and optimize the management of its natural resources.

Airbus is also developing its industrial presence in Vietnam, where several local firms supply aerostructures and components across the Airbus civil aircraft product line. This helps generate full-time employment for 550 highly skilled Vietnamese workers.

Airbus is supporting education with developing two new degree programs at the University of Science and Technology of Hanoi, helping Vietnam meet its growing requirements for aerospace engineers and professionals.