Vietnam Sport Economic Forum examines industry development

The forum was held by Vietcontent JSC, in collaboration with the General Department of Sports and Physical Training under the Ministry of Culture, Sports and Tourism, and the Vietnam Olympic Committee.

Photo: Vietcontent JSC

The Vietnam Sport Economic Forum was first organised in Hanoi in 2023. In its second edition, the forum looked at exploiting the potential of the sports economy, focusing on core issues of the sports industry, including the relationship between state management agencies, national sports associations, organisers, and the economic impact of hosting major sports events.

Le Thanh Liem, Chief Inspector of the Ministry of Culture, Sports and Tourism, stated that Vietnam has great potential to develop the sports economy.

"The percentage of people regularly participating in sports activities has increased to 29.53 per cent of the total population, with 21.2 per cent of households nationwide engaging in sports. The number of medals won at official international sports competitions has contributed to Vietnam's sports delegation consistently ranking among the top three in Southeast Asia. Some athletes have even achieved top levels in Asia and the world," Liem stated.

According to Liem, the legal system regarding sports and physical training is divided into two groups: one group directly regulates sports activities and another group includes related documents, especially regulations related to encouraging investment, mobilising resources, and tax policies for sports activities.

Photo: Vietcontent

According to Dr. Nguyen Manh Hung, deputy director of the Social Affairs Department of the Central Economic Committee, the sports economy is one of the fastest-growing economic sectors in the world.

The global sports market value reached $512.14 billion in 2023 and is projected to reach $623 billion by 2027. The average annual growth rate of the sports market is 5.2 per cent, significantly higher than the average global GDP growth rate.

"Vietnam is a country located in the Asia-Pacific region with a 'hot' development in the sports economy, with an average annual growth rate higher than the global average. The sports economy in Vietnam, starting from the 'socialisation' policy, has brought about significant effectiveness," he said.