Pham Hoai Chung, chairman of state-owned Shipbuilding Industry Corporation believes that the global shipbuilding industry is experiencing a shift due to changes in shipping routes and the demand for larger vessels capable of navigating more challenging conditions.

Photo: baodautu.vn

"Vietnam’s shipbuilding sector is affected by several factors, including its commitment to achieving net-zero carbon emissions, the International Maritime Organisation’s carbon emission reduction trajectory, and the impacts of international conflicts," said Chung.

"We still lag other nations with well-developed shipbuilding industries, particularly in technology, production capacity, and competitiveness," he added.

Vietnam’s shipbuilding sector boasts an extensive system of more than 88 shipbuilding enterprises, and 411 inland waterway vessel construction facilities, with local shipbuilders manufacturing large-capacity vessels, specialised ships, high-speed boats, and craft fitted with advanced technology for the international market as well as domestic.

With the growth of global trade, Vietnam’s maritime transport demand is projected to grow robustly at approximately 10 per cent annually from 2023 to 2030.

The total demand for new construction and replacement of Vietnam's merchant fleet from now until the end of the decade is projected to be around 4 to 5 million deadweight tonnage.

The global shipbuilding market is trending towards modernisation, focusing on larger vessels, green technology, and the adoption of clean fuels.

Furthermore, with global fuel costs increasing by about 20 per cent over the past year, maritime freight demand is expected to grow by 3 per cent each year by 2030.

"To capitalise on these global industry shifts, Vietnam should leverage its existing advantages, focusing on its rapidly growing shipbuilding sector, especially in medium-sized commercial vessels," said Chung.

International shipowners are also prioritising operational efficiency and cost reduction by investing in advanced technologies to enhance performance and lower emissions.