Recap of the MSP Program Phase 1: Unlocking the Blue Economy Potential

Presenting the conceptual framework, Dr. Jeremy Hills (Lead Researcher, UNDP) and Dr. Cao Le Quyen from the Centre for Fisheries Economics and Planning (CFEP) outlined four key approaches underpinning blue economy development: (i) an ecosystem-based approach to ensure the sustainable use of marine resources; (ii) a multi-sectoral and value chain approach to optimise linkages from production to consumption; (iii) a value-based approach that balances economic, environmental, and social objectives; and (iv) a readiness-based approach that assesses institutional, financial, technological, and organisational capacities.

Based on assessments conducted by experts from CFEP and VAFIS, six priority Blue Business Model (BBM) categories were identified and evaluated:

1. High tech marine aquaculture focuses on the adoption of HDPE cages and digitalised operations to reduce climate and disaster-related risks.
2. Integrated Multi-Trophic Aquaculture (IMTA) promotes nutrient recycling among different species, including fish, shellfish, and seaweed, to improve resource efficiency and reduce environmental impacts.
3. Community based ecotourism integrates local livelihoods with the management and conservation of Marine Protected Areas (MPAs).
4. Green seaports prioritise energy efficiency measures and digital transformation within maritime transport and logistics systems.
5. Marine renewable energy, particularly offshore wind power, presents enormous potential estimated at up to 600 GW, although its development requires complex regulatory frameworks and substantial investment capital.
6. Nature based business models focus on blue carbon, Payments for Ecosystem Services (PES), and mangrove restoration initiatives.

According to Mr. Dao Viet Long (CFEP), the overall readiness of Blue Business Models in Vietnam is currently assessed as moderate to relatively advanced. However, several critical bottlenecks remain. These include the lack of flexible financing mechanisms capable of transforming policy ambitions into bankable projects, insufficient environmental carrying-capacity data and internationally aligned Measurement, Reporting and Verification (MRV) systems, as well as fragmented coordination among ministries and local authorities.

To unlock the full potential of Blue Business Models, experts proposed several key recommendations:

• Establish an inter-ministerial coordination mechanism to strengthen integrated marine spatial governance.
• Create a dedicated BBM support fund to provide seed financing and risk guarantees for businesses.
• Develop a national mangrove carbon mapping system as a foundation for future carbon credit markets.
• Pilot insurance mechanisms for offshore aquaculture to attract private investment into high-technology marine farming.

During the conference, Dr. Nguyen Phuong Nam, Chief Executive Officer of KLINOVA Climate Innovation Consultancy and Services JSC, presented on the topic: “International Experiences in Developing the Blue Economy Development Index (BEDI) and Recommendations for Vietnam.”
Methodology for Developing the Vietnam Blue Economy Index (VN-BEI):

• The Vietnam Blue Economy Index (VN-BEI) is developed with reference to the Blue Economy Development Index (BEDI) framework established by the Archipelagic and Island States (AIS) Forum. Its key distinction lies in shifting the focus from national-level assessment to a provincial level monitoring tool, enabling a more accurate reflection of varying stages of blue economy development across localities.

• The VN-BEI framework is structured around four assessment pillars, encompassing both governance inputs and development outcomes:
  • Economic Pillar: Measures gross value added (GVA), employment, and productivity.
  • Social Pillar: Assesses poverty rates, gender equality, and access to basic services.
  • Environmental Pillar: Evaluates changes in mangrove coverage, coral reef ecosystems, water quality, and marine plastic pollution.
  • Governance Pillar: Reviews the implementation progress of Marine Spatial Planning (MSP).

Experts at the conference emphasised that the development of Blue Business Models represents a long-term transformation process. By decoupling economic growth from environmental degradation, these models can support a more resilient, inclusive, and sustainable future for Vietnam’s coastal communities and contribute to the country’s vision for sustainable marine prosperity by 2045.

_Bao Le_