Vietnam looks to the sea to boost economic growth

VietNamNet Bridge –  Vietnam is considering a new strategy to develop a sea-borne economy to help foster economic growth, create more jobs, and ensure territorial security.

Vietnam, marina, sea-borne economy, investors

The territorial waters that can be exploited are three times larger than the mainland, offering ideal conditions to develop sea shipping, aquaculture, oil and gas exploitation, and tourism.

Vietnam has a long coastline of 3,260 kilometers and one million square kilometers of exclusive economic zones in the sea.

The Ministry of Agriculture and Rural Development (MARD) has recently drafted a policy on supporting fishermen to help them exploit nautical resources.

The policy offers major unprecedented incentives. Large financial support packages would be disbursed to help fishermen build boats and invest in shelters and boats.

Prior to this draft by MARD, the State Bank of Vietnam said it was considering designing a VN10 trillion preferential lending program for fishermen.

Government officials, in their statements recently, repeatedly said that Vietnam is implementing an open-door policy to attract foreign investment in sea-related economic branches that could help the economies of coastal provinces and polish Vietnam’s image in the world as one of the most attractive destinations in the region.

There have been signs showing foreign investors’ serious interest in Vietnam’s sea-borne economy potential.

The US giant oil and gas group ExxonMobil recently announced its intention of pouring up to $20 billion into oil and gas projects in Vietnam.

From Japan, Akihiko Takashima of Kyoei Steel, at a meeting with Vietnamese President Truong Tan Sang, said he would persuade other Japanese businesses to come to Vietnam to learn about seafood production and processing in the provinces of Binh Dinh and Phu Yen.

And the Thai PTT Group in 2012 expressed its intention to invest in a petrochemical complex in Binh Dinh Province with estimated investment capital of $27 billion.

Vietnam, with wonderful beaches stretching from the north to the south, situated at a very important position on Asian and international maritime routes, is believed to have great advantages to develop sea tourism.

Rose Rock, the US real estate group owned by the well-known billionaire Rockefeller family, has signed a cooperation agreement with the Vung Ro Oil & Gas Company Ltd to build a tourism complex and resort in Vung Ro in Phu Yen Province.

The huge project, expected to cost $2.5 billion, will comprise three main parts – The Marina, The Village and Bai Mon.

The complex will include a marina for 350 yachts (10-60 meters), a 760-room hotel, 4,300 apartments, 100 high-end houses, retail stores, amusement parks and health-care centers. It is believed to be a copy of the Singaporean ONE 15 Marina Club in Sentosa.

Tran Hai Hau, the Vietnamese Ambassador to Singapore, said the project shows that Vietnam remains very attractive in the eyes of foreign investors.

Dat Viet

Vietnam, marina, sea-borne economy, investors