Vietnam: New draft code expected to boost maritime economy

Tan Cang - Hiep Phuoc port in Ho Chi Minh City welcomed the first ships in May. While the funds for the port came partly from local funds, support policies made it possible for private investors to pitch in. Enterprises funded the construction of 5,000 metres of docks, 300 hectares in container yards as well as a deep-water dock for the Hiep Phuoc industrial zone.

Opening the doors to such private investment in maritime projects is one of the main points in the amended Vietnam Maritime Code. While experts applaud the initiative, many say the new draft code needs to strictly regulate the participation of the private sector in each project, to ensure fair competition.

Also as part of the draft amendments to the code, the Ministry of Transport is proposing the development of port authorities - a model applied in many countries.

With the possible introduction of new amendments to the Vietnam Maritime Code, the Ministry of Transportation has high hopes for Vietnam’s maritime economy - setting the target of the sector surpassing the country’s oil industry in terms of value by 2021.