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The12vegas development of the marine economy becomes Vietnam’s political mission as it helps defend the country’s sovereignty and fuel the potential of its vast coastal areas.

One of the key objectives is to prevent and eventually eradicate illegal, unreported, and unregulated (IUU) fishing by Vietnamese fishing vessels in foreign waters, to have the European Commission (EC) lift the yellow card. 

Vietnam's Prime Minister Pham Minh Chinh speaks at a government meeting on marine economy on September 16. Photo: VGP

Prime Minister Pham Minh Chinh, on September 16, chaired a meeting with leaders of relevant ministries, departments, and agencies to assess the implementation of important strategies for marine economic development for 2030 and vision to 2045.

The meeting focused on what has been done to implement Resolution 36 on the Strategy for Sustainable Development of Vietnam’s Marine Economy to 2030, with a vision to 2045, as well as related contents of the 13th Party Congress’ Resolution.

Resolution 36 outlines that by 2030, the development of marine economic sectors will follow this priority order: marine tourism and services, maritime industries, petroleum and marine mineral extraction, marine resource farming and exploitation, coastal industries, and renewable energy along with emerging marine economic sectors.

Based on a thorough analysis of the international, regional, and East Sea (referred to as the South China Sea) situation, as well as the country’s development needs, PM Chinh directed relevant ministries, departments, and local authorities to take proactive and effective measures to achieve more substantial results in all aspects.

Overview of the meeting. Photo: VGP

In the implementation, it is essential to adhere to the Party’s guidelines and the laws of the State, including the 13th Party Congress Resolution, Resolution 36 on the Strategy for Sustainable Development of Vietnam’s Marine Economy to 2030 with a vision to 2045, and Resolution 44 on the Strategy for National Defense in the new situation.

Accordingly, relevant stakeholders must mobilize resources and promote the sustainable development of the marine economy in conjunction with ensuring national defense and security. They must also enhance the capacity to enforce and protect sovereignty, sovereign rights, and jurisdiction at sea.

Agencies are required to persist in an independent and sovereign foreign policy while expanding international cooperation on maritime issues following international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

It is crucial to strictly implement Directive 32 of the Secretariat and Directive 17 of the Prime Minister to prevent and eventually end IUU fishing regulations by Vietnamese vessels in foreign waters and to remove the yellow card imposed by the European Commission.

Additionally, efforts should be made to raise awareness throughout society and the entire political system of the importance of maritime and island-related work, actively contributing to maintaining peace, stability, and cooperation for development at sea. 

Ocean economy. Source: OECD

Vietnam’s marine economy

Sea and coastal regions contribute approximately 47-48% to the national GDP.

The country’s extensive coastline offers significant advantages as it is strategically located near international and regional maritime routes. Coastal areas are positioned for high economic growth, serving as critical hubs for trade between Vietnam and its regional partners.

Vietnam is also rich in marine resources, with fish as a key resource and high-value commodities like shrimp, crabs, sea cucumbers, and seaweed. The fish reserves in Vietnam's waters are estimated at around 5 million tons annually, with an average yearly catch of approximately 2.3 million tons.

According to the Ministry of Agriculture and Rural Development (MARD), the annual marine aquaculture output is expected to reach 850,000 tons, while export revenues sometimes surpass US$1 billion.

Its 3,260 km coastline and thousands of islands also offer excellent conditions for the development of nautical tourism. The country boasts around 12 world-class beaches known worldwide for their beauty.

Additionally, the coastal areas benefit from a tropical climate, with many places enjoying long hours of sunshine throughout the year, making them especially attractive to tourists, particularly those from colder countries.

To promote a sustainable marine sector, the government has enacted several laws and master plans, including the National Action Plan on Green Growth, the 2012 Law of the Sea of Vietnam, and the 2015 Law on Marine and Island Resources and Environment. Meanwhile, the Government's Resolution 36 outlines a long-term strategy for the marine economy.

A key aspect of this strategy is the focus on marine resource farming alongside traditional exploitation. The plan also highlights the development of renewable energy industries, such as wind power, offshore solar power, tidal energy, and the sustainable use of marine biodiversity.

To unlock the potential of the marine economy, Vietnam, for the first time, includes the marine sector in the comprehensive blue economy initiatives to develop the marine economy in a sustainable manner, in line with international standards, and to reinforce the country’s commitment to a greener future.