HANOI: Stronger preferential policies, including clearer sea-use rights, tax incentives and streamlined administrative procedures, are being considered to unlock investment and accelerate the development of the marine economy.
The proposals form part of amendments to the Law on Marine and Island Resources and Environment being drafted by the Agriculture and Environment Ministry to remove legal bottlenecks that have constrained investment in offshore wind power, marine aquaculture, maritime logistics, coastal urban development and other sea-based industries.
According to Nguyen Quoc Toan, director of the Vietnam Agency of Seas and Islands, the amendment aims to establish incentive mechanisms strong enough to promote sustainable marine economic development while removing institutional bottlenecks that have discouraged private investment.
A key proposal would allow organisations and individuals granted or leased sea areas to transfer, release, contribute as capital or mortgage their sea-use rights.
He said that the measure would help establish clearer property rights over marine areas and improve businesses’ access to financing.
The draft law also proposes a mechanism allowing changes in sea-use purposes together with preferential policies for projects in green marine economy, circular economy, offshore wind power, high-tech marine aquaculture, marine biotechnology, maritime logistics, coastal land reclamation, dual-use infrastructure, marine ecosystem restoration and blue carbon development.
The ministry is also seeking to simplify administrative procedures and strengthen coordination among government agencies to shorten approval times for marine investment projects.
Dau Anh Tuan, deputy general secretary of the Vietnam Chamber of Commerce and Industry, said Vietnam had yet to fully capitalise on its more than 3,200km coastline because of the lack of a mechanism strong enough to unlock the investment inflow.
He said the absence of clearly defined property rights over sea-use areas remained one of the biggest obstacles facing investors in offshore wind farms, high-tech marine aquaculture, coastal tourism and land reclamation projects.
Businesses are asking whether sea-use rights can be recognised as property rights and used as collateral for bank loans, Tuan said.
“Without clearly established property rights, it is difficult to mobilise the large amounts of capital required for long-term offshore projects,” he added.
It is necessary for Vietnam to build a transparent, stable and predictable legal framework, together with more competitive incentives and simpler administrative procedures, to boost confidence in marine investments, Tuan stressed.
A representative of Sun Group said that Vietnam needs to develop regulations on the management and use of islands created through land reclamation and introduce preferential policies for integrated coastal urban developments.
The company also suggested allowing private enterprises to participate in the management and conservation of selected marine protected areas to mobilise additional resources for marine conservation.
Bui Tuan Anh, from the Vietnam Seaculture Association, said the country should accelerate planning for infrastructure to support industrial-scale marine aquaculture to provide a foundation for the sector’s long-term growth.
He said the government should simplify procedures for allocating sea areas while introducing technical standards, insurance mechanisms and financial policies to improve the industry’s competitiveness. — Viet Nam News/ANN
