Hanoi(VNA) - As Vietnam’s maritime industry grows, it will have a profoundimpact on the economy, tourism and trading and ultimately boost economicgrowth.

This was stated at a press meeting in Hanoi on January 30, themed CementingVietnam’s maritime capabilities at Asia Pacific Maritime (APM) 2018. 

APM 2018, which will be held in Singapore in March, will be a strategicplatform for the region’s maritime and offshore community to meet and establishbusiness relationships.

Vietnam is currently one of the fastest growing economies in the world, havinginvested significantly in infrastructure in recent years to position itself asAsia’s next Tiger Economy.

In 2017, Vietnam’s gross domestic product (GDP) grew at a record 6.81 percent,while GDP growth in 2018 is expected to be 6.1 percent.

As the most cost-effective mode of transportation, shipping plays an integralrole in the national economy and moves 90 percent of the nation’s import andexport cargo.

“With long coastlines and geographical proximity to regional maritime hubs,analysts predict that Vietnam has the potential to become one of the mostimportant maritime countries in Asia by 2020.

"However, most Vietnamese ship owners are plagued with outdated maritimeassets and limited access to capital, which greatly hinders development andgrowth,” said Le Quang Trung, Deputy General Director of the Vietnam NationalShipping Lines.

He said the present time was ripe for Vietnam’s maritime business to moderniseand close the gap with its regional counterparts. 

Last year, Vietnam's sea transport grew by 6 percent, moving 130.9 million DWTs(dead-weight tonnes). In May, 2017, the Vietnamese fleet comprised 1,406ships. The shipping industry, however, still faces many challenges interms of technology, operational efficiencies, access to capital and ability tocater to new markets. 

According to Nguyen Tat Hoan, Deputy Director for Operations and FieldDevelopment of PetroVietnam Domestic Exploration Production OperatingCompany (PVEP POC) and chairman of Sea Horse Yatch, Vietnamese ship ownersdesperately need to modernise their shipping fleet to cut costs and improve competitiveness. 

Hoan said: “With a number of advantages, such as high durability, energyefficiency and low maintenance costs, composite is the ideal cost-consciouschoice for Vietnamese ship owners.”

Pham Hai Bang, chief of the Shipping Department at the Vietnam RegistryDepartment, said in the past few years, Vietnamese shipping companies had putin untiring efforts in the maintenance and technical management of theirshipping fleet. 

“This has enabled Vietnam’s fleet to qualify for the Tokyo White Listsince 2015, which greatly boosted the safety level as well as maritime labourand environmental credibility of Vietnam’s shipping industry," he said.

Xue Hua, managing director of Weichai Singapore Pte Ltd, said against thebackdrop of the global economy, Vietnam’s economy would continue to faceuncertainties in the monetary policy of major advanced fields. However, withits predicted GDP growth, maritime-related business in Vietnam is expected toaccount for a big part of the national economy by 2020. 

Vietnam’s shipping fleet will get a chance to improve its competitiveness atthe 15th APM, Southeast Asia’s leading and most recognised shipbuilding and marine,workboat and offshore exhibition and conference, which will be held at MarinaBay Sands in Singapore from March 14-16.

The three-day exhibition and conference will play host to more than 1,500international exhibiting companies from 60 countries and is expected to attractmore than 15,000 trade visitors from Asia.

APM 2018 is expected to be a strategic platform for the region’s maritime andoffshore community to meet and establish business relationships.-VNA