Sea-based economy aims for stronger growth
Vietnam has called on more investors from other ASEAN countries to get involved in maritime shipping, sea port and logistics services.
At the 11th ASEAN Ports and Shipping conference held recently in Ho Chi Minh City, Head of the Transport Ministry’s Maritime Administration Nguyen Nhat said Vietnam is ramping up seaport infrastructure and logistics services with the goal of turning maritime shipping into one of the top sea-based economic sectors after 2020, contributing 53-55% of the country’s gross domestic product (GDP).
A World Bank report last year ranked Vietnam 53rd among 155 countries and territories in terms of logistics performance. Foreign firms dominate the market, holding 70% of market share.
With a high annual growth rate of 20-25%, Vietnam’s logistics market is still attractive to investors.
The country now has 42 seaports with 401 wharves which are able to accommodate container ships of up to 80,000-100,000 DWT. Notably, the Cai Mep-Thi Vai seaport in southern Ba Ria-Vung Tau province is working on a pilot project with the aim of receiving 150,000 DWT ships.
At the same time, Vietnam will also quicken administrative reforms in related fields and devise legal documents and strategies in line with Vietnam’s law and international conventions to which the country is a member.
Vietnam has joined 22 international conventions, treaties and protocols, and signed 22 bilateral maritime pacts with many countries.