Vietnam Prioritizes Marine Economy and FDI for Accelerated Growth

Vietnam is prioritizing the marine economy as a new engine for national economic growth, aiming for double-digit expansion. This strategy is designed to accelerate economic development and deepen international integration. In Resolution No. 10-NQ/TW, issued in 2026 on the development of the foreign-invested sector, the Politburo identified foreign direct investment (FDI) as "an important component of the national economy" and "a key driver of economic development and international integration." This highlights Vietnam's high regard for the role of FDI in its domestic economic advancement. Within the development of the marine economy, shipbuilding is viewed as a crucial component. More than just a manufacturing sector, it forms part of an integrated industrial ecosystem closely linked with metallurgy, mechanical engineering, electrical and electronic industries, automation, information technology, and maritime logistics. As an active WTO member, Vietnam is actively contributing to the organization's agenda, including ratifying the first phase of the Agreement on Fisheries Subsidies, negotiating entry into the expanded Information Technology Agreement (ITA2), and preparing for its next Trade Policy Review scheduled for late 2026. Deputy Prime Minister Nguyen Van Thang stated that these efforts will strengthen Vietnam's position in the global economy. To support economic growth, Vietnam is focusing on investment in logistics infrastructure, expansion of multimodal transport, and acceleration of digital transformation. These measures aim to reduce logistics costs, enhance competitiveness, and support sustainable growth in external trade. In terms of trade, Brazil has become the fastest-growing market for Vietnamese tilapia, driving export growth amidst increasing global demand for whitefish. Additionally, India is a leading economic partner for Vietnam in South Asia, with bilateral trade accounting for about 80% of Vietnam's total trade with other South Asian countries. Vietnam is currently India’s fourth-largest trading partner in ASEAN. Furthermore, Vietnam possesses some of the world’s largest bauxite resources, with total reserves estimated at 5.8 billion tonnes, concentrated mainly in the Central Highlands, which could serve as a foundation for future industrial development. These economic growth strategies reflect Vietnam's efforts to enhance its economic independence and international competitiveness amidst geopolitical challenges and its relations with the international community. Notably, the US' recent tariff decision is seen as overlooking realities regarding Vietnam's labor environment and manufacturing practices, indicating that managing international trade friction will be a future challenge. Source: VietnamPlus English