Vietnam Elevates Marine Economy to Strategic Growth Driver

Vietnam is positioning the marine economy as a strategic development space for the nation, aiming to achieve its goal of becoming a strong maritime nation and prosperous from the sea in the new era. This space is where national interests in economic development, defense, security, science-technology, and international integration converge. This policy underscores the determination to make the marine economy a new engine for national growth. In particular, the emphasis is on transitioning the growth model of the marine economy from the conventional 'brown economy' (e.g., fossil fuel-dependent) to a 'green economy' (e.g., renewable energy, sustainable fisheries, marine conservation) with a low environmental impact. This move aligns with global trends in addressing climate change and achieving Sustainable Development Goals (SDGs). To drive this strategic transformation, the Vietnamese government is focusing on improving legal frameworks and policies that promote the sustainable development of the marine economy. This is understood to include efficient management of marine resources, prevention of marine pollution, conservation of marine ecosystems, and promotion of investment in marine-related industries. Under Vietnam's one-party system, long-term strategies are typically formulated and implemented under state leadership. The development of the marine economy is also deeply intertwined with the geopolitical context Vietnam faces, including security challenges in its relationship with China and opportunities for resource development in the South China Sea. To ensure sustainable economic growth, cooperation with the international community, particularly in adopting advanced technologies and sharing knowledge on environmental conservation, will be essential. Japan, with its long-standing cooperative relationship in Vietnam's marine development and infrastructure projects, is expected to remain a crucial partner. Information Source: Nhan Dan