Vietnam’s Marine Economy - Importance and Prospects for Growth

DNHN - The marine economy plays a crucial role in the prosperous development of the country. With over 3,260 km of coastline, Vietnam possesses vast marine resources, including seafood, oil and gas, wind energy, marine tourism, and maritime transport.

In terms of the economy, fisheries and marine exploitation industry play an important role in Vietnam’s marine economy. Marine fisheries are a traditional economic sector and provide an important food source for the domestic population and export. Vietnam is one of the leading seafood-exporting countries in the world. The marine resources exploitation industry, such as oil and gas and minerals, contributes significantly to the national budget revenue and creates jobs for the people.

In addition, the marine economy is also linked to the marine tourism industry. With beautiful landscapes, stunning beaches, and diverse ecosystems, Vietnam attracts a large number of domestic and international tourists. Marine tourism not only generates economic revenue but also promotes the socio-economic development of coastal areas, creates jobs, and boosts local services and trade.

Furthermore, the marine economy has significant development potential in the field of renewable energy, such as wind and solar energy. Vietnam has favourable conditions for developing marine renewable energy projects thanks to its strong winds and abundant sunlight. Investing in and developing marine renewable energy sources will not only help the energy supply but also contribute to reducing emissions and protecting the marine environment.

However, to fully exploit the potential of the marine economy, Vietnam faces many challenges. Sustainable management and protection of the marine environment are necessary to ensure the sustainable development of the marine economy sector. The application of advanced technologies, sustainable management of marine resources, and educating the community about the importance of protecting and conserving marine resources are also important factors.

The Vietnamese government has recognised the importance of the marine economy and has implemented many policies and measures to exploit and develop marine resources sustainably. Investing in marine infrastructure, improving the production and competitiveness of fisheries, encouraging businesses to participate in marine resource exploitation, and promoting international cooperation in the marine sector are significant efforts.

In addition, the development of marine economic zones, coastal industrial parks, and modern seaports also play an important role in attracting investment and promoting exports. The process of international economic integration also opens up many opportunities for Vietnam to develop its marine economy, through participation in free trade agreements and regional economic cooperation.

Above all, creating a favourable business environment and ensuring security and safety at sea are also important factors in developing the marine economy. Ensuring maritime security and preventing maritime crime will create trust for investors and facilitate business and trade activities at sea.

Associate Professor, Dr Tran Dinh Thien, former Director of the Vietnam Economic Institute, said that many coastal provinces are competing to build seaports, and nearly a hundred seaports have been built. However, the driving force behind this booming movement - so booming that it has become a “syndrome” - is unclear, dominated by the mindset of local project benefits rather than a goal of a healthy and far-sighted development competition.

According to Mr Thien, due to the lack of mechanisms and unattractive incentive policies to attract all economic sectors to participate in investing in the development of marine economic sectors and fields, in conditions where investment in industries and professions operating at sea has a high level of risk in terms of weather, natural disasters, and safety, and investment in the construction of marine infrastructure often has a large investment outlay and slow capital recovery, the development of the marine economy has not been as expected.

In summary, the marine economy is of great importance to the development and prosperity of the country. With abundant resources and potential, the marine economy brings many opportunities and challenges. Therefore, our country needs to continue to promote the sustainable exploitation and protection of marine resources, while improving competitiveness and effective management. Only with sustainable development and careful consideration can Vietnam’s marine economy truly contribute to the comprehensive development of the country.

Nghe Nhan