Vietnam's Ministry of Transport has unveiled a comprehensive strategy to develop the country's emerging yacht sector, targeting significant growth and international integration by 2030.
The draft proposal, developed by a 41-member team led by Hoang Hong Giang from the Vietnam Maritime Administration, aims to establish a robust regulatory framework and attract international investment in yacht production and services.
Currently, Vietnam's yacht market remains relatively underdeveloped. According to BOATPro data, superyachts cruising in and around Vietnam in 2024 include Nord, Stella Maris, Promise.D, Atlas, and Ocean Dreamwalker III.
By 2030, the Ministry aims to "expand cooperation and joint ventures with international investors and brands to produce and supply high-quality, high-tech yachts, and offer yachting services to the region and world." The plan tackles market limitations by implementing systematic institutional reforms in seven key areas.
Key initiatives include updating maritime legislation to formally define yachts, developing comprehensive operational regulations for both maritime and inland waterways, and creating mechanisms to encourage industry investment. The plan also seeks to streamline administrative procedures for yacht entry and departure, making Vietnam more attractive to international maritime operators.
Nguyen Manh Hung, deputy CEO of Ana Marina Nha Trang, reflected on Vietnam's yachting landscape. He noted that the country's first official yacht distributor, Vietyatch, was established in 2017, and acknowledged the current presence of ten companies distributing "genuine yachts" in Vietnam. However, he pointed out: "The number [of yachts] is far too small compared to the region, the global market, and the industry's potential."
He further emphasised the need to align Vietnamese yachting practices with international standards, drawing comparisons with regulatory approaches in Hong Kong and Singapore. Hung also stressed the importance for flexible registration processes and rigorous crew qualification requirements in order for the sector to grow.
Luu Van Duc, CEO of Luu Gia Shipbuilding Company, welcomed the proposal, and noted that "coordinated and continued efforts" are crucial for stimulating yacht tourism development. He advocated simplifying processes: "Yacht registration procedures should be similar to those currently applied to cars."
By the close of 2024, the Ministry plans to have "reviewed and supplemented regulations on yacht management and develop a pilot scheme for managing operations."