Development Plans for Vietnam’s Yacht Industry

Vietnam’s Ministry of Transport has unveiled a strategic plan to accelerate the growth of the country’s yacht industry, with a vision to achieve significant progress and global integration by 2030. The initiative focuses on attracting international investments, updating regulations, and creating a conducive environment for yacht tourism and manufacturing.

A Regulatory Framework to Drive Growth

The draft strategy, developed by 41 members under the leadership of Hoang Hong Giang from the Vietnam Maritime Administration, outlines key reforms. These include creating a solid regulatory framework to support yacht manufacturing, operations, and services.

Currently, Vietnam’s yacht market remains underdeveloped. According to BOATPro data, notable superyachts seen in Vietnam in 2024 include Nord, Stella Maris, Promise.D, Atlas, and Ocean Dreamwalker III. This limited presence highlights the vast potential for market expansion and international integration.

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Strategic Goals for 2030

The Ministry of Transport envisions a future where Vietnam becomes a regional hub for yacht manufacturing and services. By 2030, the goal is to enhance collaborations with international investors and brands to produce high-quality, high-tech yachts while delivering yachting services to both regional and global markets.

The strategy addresses existing market constraints through institutional reforms in seven critical areas. These include:

• Updating Maritime Legislation: Introducing clear definitions for yachts.
• Operational Regulations: Developing rules for both maritime and inland waterways.
• Simplified Administrative Procedures: Streamlining yacht arrivals and departures to make Vietnam attractive to international operators.

Challenges and Insights from Industry Leaders

Industry experts emphasize the importance of aligning Vietnam’s yachting industry with global standards. Nguyen Manh Hung, deputy CEO of Ana Marina Nha Trang, shared that Vietnam’s first official yacht distributor, Vietyatch, was founded in 2017. He noted, however, that there are currently ten companies providing “genuine yachts” in the country, which is a small number compared to other regional markets.

Hung emphasized that regulatory frameworks must reflect the standards seen in regions such as Hong Kong and Singapore. This includes:

• Flexible registration processes for yachts.
• Stringent crew qualification standards to ensure operational excellence.

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Luu Van Duc, CEO of Luu Gia Shipbuilding Company, echoed these sentiments, advocating for streamlined registration processes. He compared yacht registration to car registration, suggesting it must be simplified to encourage industry participation:

“Yacht registration processes should resemble those currently used for cars.”

Implementation Plans and Future Outlook

To ensure effective implementation, Vietnam’s Ministry of Transport plans to:

• Review and update existing yacht management regulations.
• Develop a pilot scheme for operational management by the end of 2024.

These coordinated efforts will provide a strong foundation for promoting yacht tourism development and attracting global investment to Vietnam.

Conclusion

Vietnam’s strategic plan to develop its yacht industry by 2030 marks an important step toward economic growth and global recognition. By fostering international collaborations, modernizing regulations, and improving operational frameworks, Vietnam is poised to become a key player in the global yachting market.