Viet Nam’s Marine Strategy to 2020 states that the shipbuilding industry is one of the two key pillars of the marine economy, which is expected to make the second largest contribution to the State budget, Tien said.

To realize the target, related legal documents will be amended to help shipbuilding and logistics businesses overcome difficulties, maintain production and improve their market shares while the businesses are encouraged to expand local and international links and set up joint ventures.

In addition, all economic sectors and foreign organizations will be encouraged to invest in developing the country’s fleet. A plan on developing the fleet will be devised to support its restructure, development and modernization.

According a representative from the Broker Company, the logistics market has seen signs of recovery since early this yea as shipbuilding and logistics prices rose, offering opportunities for the country’s shipbuilding industry to explore.

Viet Nam’s shipbuilding industry has to compete with those of Japan and China in financial conditions and payments, so relevant agencies should create favorable conditions to attract investors to the industry, said the representative.

Viet Nam currently has 120 shipyards building different types of ship with the lowest capacity of 1,000 DWT, forming an important technical foundation for the marine shipbuilding industry.