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New focus on islands
Viet Nam is eager to increase the economic contribution from island economies and has created a Master Plan to facilitate the implementation of a variety of economic development projects to achieve the goal.
The country aims to boost the economic contribution of the country's islands (Excluding oil and gas) to 0.5 per cent by 2020 from the current rate of 0.2 per cent.
An estimated VND162.5 trillion ($ 8.5 billion) will be needed to implement the Master Plan for Island Economic Development from now till 2020, which was approved recently by Prime Minister Nguyen Tan Dung.
The Master Plan is aimed at developing maritime and offshore economy while turning islands into fortresses to protect the country's sovereignty and territorial integrity.
Implementation of the plan will primarily be focused on major islands such as Phu Quoc in the southern province of Kien Giang, Van Don in the northern province of Quang Ninh and Con Dao in the southern province of Ba Ria-Vung Tau, among others.
The project will be divided into two stages. The first stage is set to last from 2010-15 with a budget of about VND 51.8 trillion ($ 2.7 billion). Funds will be mobilised from different stakeholders, including the State budget and other domestic and international capital resources.
Associate Professor Dr Chu Hoi, Deputy Director general of the Viet Nam Sea and Islands General Department, said the Maritime Strategy from now till 2020 has defined the oil and gas industry and tourism as the key development sectors.
"The percentage of contributions from the marine economy is projected to reach about 55 per cent of the nation's total GDP," said Hoi.
However, he said the economic benefits Viet Nam is currently exploiting from the sea remain very modest.
"The ocean is a treasure, but to open that treasure requires will, capacity and know-how," said Hoi.
In his opinion, Viet Nam currently lacks the "capacity and know-how" to tap into the ocean's treasures.
Five key sectors and priority areas have been outlined in the maritime strategy including: oil and gas exploitation and processing; maritime economy; aquaculture products and processing; maritime tourism and island economy; and economic zones, industrial zones and processing areas in coastal towns.
Viet Nam plans to develop 14 economic zones along the coast, nine of which have already gone through the planning stage, including detailed designations for each functional area. Technical and social infrastructure are already under construction for the planned zones.
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