Vietnam strives to become strong sea-based country

Vietnam has exerted efforts to tap into its immense maritime potential to become a strong, prosperous country based on its marine economy.
Vietnam strives to become strong sea-based country ảnh 1Phu Quoc island of Kien Giang province (Photo: VNA)
Hanoi (VNA) – Vietnam has exerted efforts to tap into its immense maritimepotential to become a strong, prosperous country based on its marine economy.

On February 9, 2007, the 10th Communist Party of Vietnam Central Committeeadopted Resolution No. 9 on the country’s maritime strategy towards 2020,looking to further enhance its sea-based economy and protect nationalsovereignty over its islands and sea territories.

In the strategy’s outlined goals, sea-basedeconomic sectors will make up 53-55 percent of the country’s gross domesticproduct (GDP), while per capita income in coastal areas is expected to reach doublethe national average by 2020.

Assessing the 10-year implementation of the strategy, Deputy Minister ofNatural Resources and Environment Tran Quy Kien said that after the resolutionwas issued, the National Assembly passed the 2012 Law of the Sea of Vietnam,the 2015 Law on Sea and Island Natural Resources and Environment, the 2015Maritime Code of Vietnam, and the Law on Fisheries (amended in 2017), togetherwith many regulations for sectors relating to seas and islands.

More than 10 Government decrees and over 100 resolutions from the PrimeMinister on State management and the implementation of policies, strategies,planning schemes, and programmes on sea and island socio-economic developmentand defence-security have been issued, he added.

Following the Party and State’s policies and decisions over the past decade,ministries, central agencies, and coastal localities have made every effort toconcretise the strategy in marine economy development programmes and projects.

According to statistics by the Vietnam National Administration of Tourism(VNAT) under the Ministry of Culture, Sports, and Tourism, internationalarrivals to Vietnam have increased by over six times in the last 17 years, from2.14 million in 2000 to 12.9 million in 2017. Domestic holidaymakers also rose sharplyduring the period, from 11.2 million in 2000 to 73.2 million in 2017. Of the domesticand foreign vacationers, about 60 million visited the 28 coastal cities andprovinces last year.

Data from the VNAT also showed that the tourism sector had made significantcontributions to the national economy during the period, with total tourist revenuereaching 510.9 trillion VND (22.6 billion USD) in 2017. Of the figure, the 28coastal cities and provinces made up 70 percent.

The maritime economic sector saw remarkable development, with the value of maritimetransport, seaport services, and shipbuilding growing at an annual pace of 22percent during 2007-2010 and 13 percent during 2011-2015. By the end ofNovember 2017, the fleet of seagoing vessels had a total load of 7.8 milliontonnes, ranking fourth in ASEAN and 30th in the world. Total goods cleared atseaports increased year-by-year, hitting 511.6 million tonnes last year.

Seafood catching and processing surged 50 percent over the 10 years, from 2.07million tonnes in 2007 to 3.19 million tonnes in 2017. The seafood export valuehas also tended to increase in recent years, reaching 7.05 billion USD in 2016.

Futhermore, by the end of 2017, the country had 17 coastal economic zones witha total area of nearly 845,000ha, attracting around 78.6 billion USD ininvestment. In 2016, the coastal economic zones earned 8 billion USD in revenueand over 5 billion USD in exports, as well as contributing 30 trillion VND(1.28 billion USD) to the State budget. The coastal economic zones createddirect jobs for 130,000 labourers.

Over the past 10 years, the management and exploitation of natural resourcesand maritime environment have recorded certain results, but some fields have failedto meet expectations. Although the per capita income of coastal residents rose,it was not much higher than the country’s average increase. The contribution ofthe maritime economy to the national GDP remained modest and tended todecrease, at 0.97 percent in 2017.

Meanwhile, contributions from the oil and gas sector – including oil and gasexploration, exploitation, and processing – to the GDP was relatively high and stable during the period from 2007 to 2010, at10.83 percent on average. However, the figure gradually dropped to 2.67 percentin 2017.

The contribution of seafood catching and processing to the GDP was not high andwas on downward trend to 1.8 percent in 2016-2017. –VNA
VNA

See more

HCM City is now a regional specialised financial centre (Photo: VNA)

Vietnam should be flexible in selecting financial centre models: expert

Tuan also highlighted the importance of human capital, one of the five important factors to successfully build a financial centre, citing the Global Financial Centres Index, which ranks business environment, human capital, infrastructure, market development, and reputation as the key drivers of success.

Minister of Industry and Trade Nguyen Hong Dien (L) and US Secretary of Energy Chris Wright in Washington D.C. on March 13. (Photo: VOV)

Vietnam, US look to strengthen comprehensive energy cooperation

Vietnam’s consistent policy is to foster a balanced, sustainable, stable, and win-win economic relationship with the US, the minister stated. Vietnam does not intend to create any barriers that could negatively impact the US’s workers or its economic and national security, Minister of Industry and Trade Nguyen Hong Dien said.

Deputy Prime Minister Nguyen Chi Dung speaks at the first meeting of the steering committee for the building of a project on the private economic sector's development in Hanoi on March 15. (Photo: VNA)

Private sector's development key to Vietnam’s economic growth

Currently, the private economic sector comprises over 6.1 million business establishments, including approximately 940,000 registered enterprises and over 5.2 million household businesses. The sector contributes around 50% of the country’s GDP, accounts for over 56% of total social investment, employs approximately 82% of the workforce, and generates around 30% of state budget revenue and more than 30% of total import-export turnover.

Prime Minister Pham Minh Chinh receives Wouter Van Wersch, Executive Vice President of Airbus International. (Photo: VNA)

PM suggests Airbus help Vietnam in developing aviation ecosystem

During a meeting on March 14 with Wouter Van Wersch, Executive Vice President International of Airbus, Prime Minister Pham Minh Chinh praised the aerospace giant’s cooperation with Vietnamese partners, emphasising its role in boosting domestic and international connectivity and driving Vietnam’s socio-economic growth.

The Vietnam Consumer Rights Day 2025 is under the theme "Transparent Information – Responsible Consumption". (Photo: VNA)

Hanoi launches campaign for Consumer Rights Day

The event, organised by the city's Department of Industry and Trade, aimed to promote consumer protection as a long-term, essential task for all levels of government, businesses and society.