Vietnam's gross domestic product (GDP) has been resilient over the past years and industry experts attributed significant developments in overall economic growth to booming marine activities in the country.
According to Nhan Dan News, Vietnam's Ministry of Natural Resources and Environment said sea-based industries accounted for 10 percent of the country's overall GDP in 2018. Analysts noted that the latest developments were achieved due to effective management of marine resources in the country.
As part of the Vietnamese government's efforts in capitalizing on the country's marine economy, survey tasks on seabed terrains within Vietnam's area of responsibility have been completed by the end of last year. General Director of the Ministry's Vietnam Administration of Seas and Islands, Ta Dinh Thi, added that the government developed a map that covers about 53 percent of the country's sea area.
The Ministry said it is aiming to complete surveying marine environments and resources in 50 percent of the country's overall sea area to help sea-based sectors determine applications and potential business ideas that will further boost Vietnam's marine economy.
As part of the scheme, the government will develop a pollution risk map covering inshore zones. The map is expected to help provide marine sectors with a guide on efficiently performing sea-based activities while ensuring that sea environments are not negatively impacted.
Aside from completed sea area surveys, Vietnam has also improved its gas exploration technologies. Offshore oil activities have also started contributing to the country's economic growth.
This month, new reports emerged about Vietnam potentially cutting coal and shifting to liquefied natural gas (LNG) as it joins Singapore in billion-dollar gas-powered projects. The provincial government of Ninh Thuan revealed that it held meetings with Thailand's Gulf Energy Development for this cause.
The two parties reportedly discussed plans for the construction of four gas-fired factories. These plants are expected to have a total capacity of around 6,000 megawatts. Gulf Energy has yet to release an official statement on the matter.
Meanwhile, the 7th International Maritime Expo kicked off its first day in Ho Chi Minh City on Wednesday. According to Viet Nam News, over 200 local and global firms have joined the exhibition that centers on marine services, marine equipment, shipbuilding developments, and supply chain management solutions.
Seminars on the maritime and marine industry will be discussed at the expo that will close on Friday. Some of the industry's biggest players will share their knowledge and expertise about current issues and risks that the sector is faced with.
"As one of the main industries in Viet Nam, the marine business is driven by the country's growing economy and is becoming more attractive to prominent international marine product manufacturers," managing director of Weichai Vietnam, Xue Hua, said.
