Hanoi (VNA) - Sport officials, experts and businesspeople shared their opinions and experiences concerning to sport economicmanagement and development of Vietnam at the Vietnam Sport Economy Summit2023 on June 3 in Hanoi.

The summit entitled “Exploiting the Potential of Sport Economy inthe New Era” was co-organised by the Vietnam Sports Administration (VSA), theParty Central Committee’s Economic Commission and Vietcontent Company.

Many speakers were invited to take part in the summit. They spokeabout three main topics of Sport Business and the Key Role of theTournament; Professional sport tournaments and Related Issues and Amateurand School Sport Tournaments and Related Issues.

Sport in many countries has become a profession in the economicsystem. And the sport economy is a 'massive machine' that links withmany other manufacturing and service industries, creating jobs, profits,incomes, contributing significant taxes to the national budgets and creatingpositive societal values.

In Vietnam, sport has been growing strongly after many changes andgood new ways to promote sports socialisation. The country has step bystep mobilised the participation and contribution of the whole society todevelop sports, bringing home medals from the regional, continentalcompetitions and Olympics.

The success of the Vietnam delegation from the recent two SEAGames was an impressive evidence of the cooperation between local sportindustry and social resources.

Generally, Vietnam was still considered one of underdevelopedcountries in the field of sport. The country needed to learn, exchangeexperiences, urgently change and accelerate so as not to lag far behind. It isnecessary to build it as an industry -- a sport economy -- that is notonly suitable with national policy and socialised resources but alsoadapt and keep pace with the development trend of sport economy in general ofthe region, continent and even the world.

"Vietnam sports have been strongly developed but we havenot yet mobilised all resources to build up sustainable sportsdevelopment, especially towards big arenas such as Asian Games andOlympics," said VSA General Director Dang Ha Viet.

"The sports economy is a big deal, today's summit focuses ontournaments and how to attract sponsors and generate cash flow to help sportsdevelop. It is expected that the summit will help federations,associations, and tournament organisers lure the attention of the supportersand sponsors."

Viet shared his knowledge of the globalisation of the growingsports economy in which there are five important fields: professional sports,recreational sports, sports tourism, event organisation and sports media.

Participants shared, analysised and suggested opinions aboutmajor issues in the management, planning and building up the nationalsport economy as well as sport copyright in both the present and thefuture. It was expected to help Vietnam speed up the process ofprofessionalisation and socialisation of sports and build a sport economysustainable, modern and open as expected.

The summit - a stage for concerning people and to meet, talkand discuss about sport - will be organised annually after the success ofthe first edition./.