The Vietnam Sport Economy Summit 2023, organised for the first time, creates an open forum for the sports economy and signals a change in mindset in the future of sports business in Vietnam.
On June 3, the Vietnam Sport Economy Summit 2023 took place in Hanoi with the coordination of the Vietnam Sports Administration (VSA), Central Committee’s Economic Commission and Vietcontent.
|Speakers at the Vietnam Sport Economy Summit 2023 on June 3, 2023 |
The first Vietnam Sport Economy Summit 2023, with the theme Unleashing the potential of the sports economy in the renovation period, included three discussions around the issue of cash flow in sports.
Topics specific to each session included the business of sport and the central role of the league; professional sports leagues and related matters; as well as sports tournaments, school sports and related issues.
The speakers gave views, opinions, and shared experiences on issues related to the management and development of Vietnam's sports economy both now and in the future.
Dang Ha Viet, chairman of the Vietnam Sports Administration, said that the globalisation of the sports economy was increasingly developing in many fields, of which there are five fields that play an important role, including professional sports, leisure sports, sports tourism, event organisation and sports media.
“Vietnamese sports are developing strongly in recent years, but have not yet mobilised all resources for sustainable development and towards big arenas such as Asiad and Olympic. The Vietnam Sport Economy Summit has focused on one aspect of the sports economy, which is to position the tournament and draw sponsors, create cash flow to help sports develop, and help federations, associations, and tournament organisers to locate customers,” said Viet.
The sport economy has been linked with many other manufacturing and service industries, creating jobs, profits, contributing taxes to the national budget and creating positive social values.
According to the chairman of the Vietnam Sports Administration, tournaments such as rugby and baseball in the US are doing well in terms of revenue generation, as are tournaments such as NBA basketball or the premier league with revenue over $5 billion.
Meanwhile, in Vietnam, there are very few tournaments that generate large revenue from sponsorship or television rights, the most renowned of which are the V-League professional football tournament or VBA basketball.
In recent years, Vietnamese sports have also made positive changes, gradually mobilising the participation and contributions of society to promote the development of the sports industry. However, Vietnam is still considered one of the slowest developing regions of the sports industry in the world and needs to accelerate to keep pace with the trend of industrial and economic development in the region and continent.
The Vietnam Sport Economy Summit 2023 was organised for the first time with the goal of creating an open forum to gather views, opinions, and experience sharing from organisations and individuals on issues related to management and developing Vietnam's sports economy both now and in the future.