Vietnam develops strategy to strengthen maritime economy

Vietnam is working to institutionalize a new national maritime strategy aimed at transforming the country into a strong maritime nation. Following Resolution No. 20-NQ/TW and conclusions from General Secretary and President To Lam, the government is shifting focus from simple resource exploitation to the comprehensive development of maritime space, establishing the maritime economy as a key pillar.

The Ministry of Construction is currently integrating these new directions into the draft Maritime and Inland Waterway Law. A central component of this strategy is the development of a “fast and strong” national maritime industry, specifically targeting shipbuilding to enhance national maritime capacity.

Despite having a relatively synchronized system for new construction and repairs, Vietnam faces challenges due to prolonged restructuring and gaps in supporting industries. Currently, the Vietnamese fleet handles only 5-8% of the country's import-export cargo market share. Significant dependence remains on foreign shipping companies for long-distance trade routes to Europe, North America, and North Asia. Furthermore, domestic value creation in the shipbuilding chain is estimated at only 20-30%, with direct local production of components and equipment accounting for just 10-15%.