Impacts of the Blue Economy on Economic Growth in Vietnam

Abstract

This study evaluated how factors of the blue economy affect economic growth employing the quantitative method to run a panel regression model, based on data collected from sources from the General Statistics of Vietnam (GSO), the General Department of Vietnam Customs, Vietnam Statistical Yearbook....with a sample of 280 observations from 28 coastal provinces and cities in Vietnam from 2010 to 2019. The contributing factors that measure the blue economy growth are total fishery production, aquaculture production, shipping and port, travel and tourism, labour, capital and export. The results revealed that the blue economy factors played a significant role in Vietnam's economic growth. In addition, the study proposed that it was necessary to build stable politics, clear orientations, reasonable control over investment sources, and national cultural spirit to improve and develop a sustainable blue economy.