Steering committee to guide maritime economy

Prime Minister Nguyen Xuan Phuc has recently issued a decision to establish a national steering committee to implement Viet Nam's marine economic development strategy by 2030, with a vision to 2045.

Fishmen catch at sea in the southern province of Kien Giang. 

The committee is an interdisciplinary organisation that advises the Prime Minister on studying, directing and solving important and interdisciplinary tasks related to the sustainable development of the Vietnamese marine economy.

Resolution 36 issued by the Party Central Committee focusing on the strategic development of the Vietnamese maritime economy by 2030, with a vision to 2045, was enforced in October, 2018.

Viet Nam has set a target of at least 58 per cent of its GDP coming from the maritime economy.

Coastal provinces should also be looking to gain 65-70 per cent of their GDP from maritime activities.

The strategy states clearly that coastal provinces and brackish water regions should adopt their economic development policies based on maritime economic development.

The resolution also sets a goal for the country to become a strong maritime nation by 2045, with the associated sector making an important contribution to the country's economy and solving international and regional issues at sea.

As part of the strategy, the country should focus more on the balance between the environment, natural resources and culture.

The country should also adopt a green economy as the foundation for sustainable maritime economic development.

Huge potential

Viet Nam has a coastline of 3,260 kilometres, standing in 27th place among 157 coastal countries around the world.

Viet Nam's maritime economic potential stands out in five main areas including resources, transportation, seafood exploitation and processing, tourism and coastal economic areas.

 

In terms of resources, Viet Nam is one of the 10 centres of marine biodiversity and has one of the 20 seas with the world's largest economic interests.

Viet Nam's waters are home to about 12,000 species of creatures with over 2,000 fish species, of which about 130 have economic value.

Regarding tourism, along with thousands of islands and hundreds of white sandy beaches, Viet Nam is also home to Ha Long Bay, Nha Trang and Da Nang.

28 coastal provinces and cities account for over 70 per cent of the country's tourism revenue.

Oil and gas is a key economic sector, which annually contributes 10-13 per cent of national GDP, while making an important contribution to the State budget.

According to a summary of 2008 to 2017, gross regional domestic product (GRDP) in coastal provinces grew on average 7.5 per cent per year, higher than the national growth average.

The GRDP of coastal provinces accounted for 60.5 per cent of national GDP in 2017, reaching per capita of VND64.9 million (US$2,800), higher than the national average of VND53.5 million.

By the end of 2017, coastal economic zones had attracted more than 390 foreign investment projects with total registered investment of $45.5 billion. Disbursement reached $26.5 billion.

Thanks to policies to support fishermen, annual fishing output increased rapidly from 1.8 million tonnes in 2016 to 3.2 million tonnes in 2017.

Total fishing production reached over 3.59 million tonnes, of which marine exploitation reached over 3.37 million tonnes in 2018, according to data from the General Department of Fisheries under the Ministry of Agriculture and Rural Development.

Total fishing production reached over 1.88 million tonnes in the first six months of last year, up 6.2 per cent over the same period in 2018. Of which, marine exploitation reached over 1.79 million tonnes. — VNS

Global changes to impact Vietnamese marine transport industry

Global changes to impact Vietnamese marine transport industry

New regulations and development in the global economy will have a strong impact on Vietnamese shipping, a conference held to discuss Viet Nam’s Maritime Future heard in HCM City on Wednesday.  

Da Nang to host int’l conference on green marine economy in 2020

Da Nang to host int’l conference on green marine economy in 2020

An international conference on sustainable maritime economy and climate change adaptation will take place in the central city of Da Nang in late March 2020.

 
 

Other News

.
VN banks still make high profits, though businesses hit hard by Covid-19
VN banks still make high profits, though businesses hit hard by Covid-19
BUSINESSicon  28/07/2020 

Applying drastic measures to cut costs and ease reliance on capital sources, commercial banks continued to make profits in the first half if the year, However, they have been warned of bad debts ahead.

Vietnam's catfish industry experiencing tough days, no improvement expected this year
Vietnam's catfish industry experiencing tough days, no improvement expected this year
BUSINESSicon  28/07/2020 

Catfish products saw the strongest decline among seafood exports in the first six months of the year. With weak demand, a gloomy year is anticipated for the industry.

Gold prices hit all-time high
Gold prices hit all-time high
BUSINESSicon  27/07/2020 

Gold prices soared near VND57 million (US$2,486) per tael (1.2 ounces) on the local market on first day of the week while the yellow metal also made its history in prices, hitting an all-time high.

Resurgence of Covid-19 further thwarts Danang's economic recovery
Resurgence of Covid-19 further thwarts Danang's economic recovery
BUSINESSicon  27/07/2020 

The complicated progression of Covid-19 in Danang has dealt a blow to the city’s efforts to grow its economy this year and may drag Vietnam's economic recovery.

Organisations rush to sell Sacombank shares to retrieve debts
Organisations rush to sell Sacombank shares to retrieve debts
BUSINESSicon  27/07/2020 

Some organisations have rushed to sell shares of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) to retrieve bad debts, but it was not easy to find buyers agreeing with the offered price.

VN stocks under pressure as virus cases weigh on market sentiment
VN stocks under pressure as virus cases weigh on market sentiment
BUSINESSicon  27/07/2020 

 Vietnamese shares are on the edge of declining this week as worries about the second wave of coronavirus spread increased after new cases were reported over the weekend.

Increase in M&A deals looks imminent in property sector
Increase in M&A deals looks imminent in property sector
BUSINESSicon  28/07/2020 

Many analysts think now is a good time for investors looking for acquisitions in the property industry to act since difficulties caused by the Covide-19 pandemic have thrown up opportunities.

VN law should be changed to better protect online consumers
VN law should be changed to better protect online consumers
BUSINESSicon  27/07/2020 

Attending a workshop discussing the laws held by Vietnam Consumer Protection Association in Ha Noi last week, experts said more effective solutions are needed to protect consumers.

Pandemic forces firms to restruture
Pandemic forces firms to restruture
BUSINESSicon  27/07/2020 

The heavy impacts of the COVID-19 pandemic on the domestic and global economies were requiring firms to reshape their production and business strategies as well as their competition models to increase resilience against external shocks.

Vietnam emerges as the world’s No2 rice exporter
Vietnam emerges as the world’s No2 rice exporter
BUSINESSicon  27/07/2020 

Vietnam has beaten Thailand to become the second biggest rice exporter in the world after the latter decided to slash rice exports due to prolonged drought and strong baht.

VN-Index tipped to approach 900 points by the end of this year
VN-Index tipped to approach 900 points by the end of this year
BUSINESSicon  28/07/2020 

Brokerages have forecast that the benchmark VN-Index on the Ho Chi Minh exchange may approach 900 points by the end of this year despite worries over a second wave of the coronavirus pandemic.

New renewable energy policy enters limelight
New renewable energy policy enters limelight
BUSINESSicon  28/07/2020 

Vietnam has demonstrated significant progress in promoting renewable energy thanks to its policies over recent years, 

Planning for an energy-rich future
Planning for an energy-rich future
BUSINESSicon  27/07/2020 

Thanks to the government’s recent mechanisms on renewable energy, Vietnam is doing all it can to facilitate further attraction of the private sector.

Towards greener, healthier urban lives
Towards greener, healthier urban lives
BUSINESSicon  28/07/2020 

Green buildings and energy-efficient realty projects have received much global attention in past years and the latest moves from the government show that Vietnam is refusing to be left behind.

Competitive power market still afar
Competitive power market still afar
BUSINESSicon  27/07/2020 

There are three criteria for assessing goods and services— including prices, quality and customer service. 

Standardization for agro-value chain
Standardization for agro-value chain
BUSINESSicon  27/07/2020 

When it officially takes effect, the EU-Vietnam Free Trade Agreement (EVFTA) will have a positive impact on promoting Vietnam’s exports, especially agro-products, to the EU.

Downhill likely after climax
Downhill likely after climax
BUSINESSicon  27/07/2020 

Rice is a rare spotlight in Vietnam’s agro-product exports in the first half of this year. However, the good performance may not be maintained in the second half of the year.

Vietnam imposes tariffs on foreign plastic film
Vietnam imposes tariffs on foreign plastic film
BUSINESSicon  26/07/2020 

The ministry of Industry and Trade (MoIT) has applied anti-dumping measures on some products with biaxially oriented polypropylene (BOPP) film originating from China, Thailand and Malaysia.

Improved quality and higher demand boost Vietnam rice export outlook
Improved quality and higher demand boost Vietnam rice export outlook
BUSINESSicon  27/07/2020 

In the first half of this year, rice export value jumped 18.6% year-on-year to US$1.71 billion.

Vietnam urged to be cautious about Chinese investment
Vietnam urged to be cautious about Chinese investment
BUSINESSicon  27/07/2020 

Growing Chinese investment to Vietnam could turn the Southeast Asian country into a transshipment point for China to reroute its exports to a third country.

 
 
 
Leave your comment on an article

OR QUICK LOGIN