Prime Minister: Vietnam is ready to lead blue economic mechanisms

On the occasion of attending the 3rd United Nations Ocean Conference (UNOC 3) in Nice, France, at the invitation of Prince Albert II of Monaco, Prime Minister Pham Minh Chinh and the high-level Vietnamese delegation participated in the Blue Economy and Finance Forum held in the Principality of Monaco.

The Blue Economy and Finance Forum was a special event held within the framework of UNOC 3 and organized by the Government of Monaco from June 7–8.

The forum aimed to promote the role of the blue economy in addressing current financial challenges, while underscoring the critical importance of sustainable investment and bold policy initiatives to protect the oceans and ensure global economic prosperity. The event also contributed to the realization of Sustainable Development Goal 14 (SDG 14) — the conservation and sustainable use of oceans, seas, and marine resources, as outlined in the United Nations’ 2030 Agenda for Sustainable Development.

The forum served as an important and practical platform for representatives of countries, experts, and investors to reflect on the achievements made in developing the blue economy thus far, while also exchanging ideas and promoting cooperation in this critical field.

As the keynote guest of the Forum, PM Chinh delivered an important address at the plenary session on ensuring sustainable ocean governance and financing.

The Vietnamese PM highlighted the special significance of the Forum, calling it “a forum of solidarity, where nations and the private sector come together to invest in the regeneration of the ocean economy.” He emphasized that the ocean is not only a valuable natural resource and the cradle of life, but also a vital space that connects humanity with nature across all nations.

For Vietnam, a country with more than 3,000 kilometers of coastline, the Prime Minister affirmed that the sea is not only a geographical concept but also a cultural identity and the soul of the Vietnamese nation. Developing an efficient and sustainable marine economy is a strategic imperative and a vital choice to help Vietnam "ride the waves to the open sea," thereby realizing the goal of becoming a strong maritime nation and a high-income developed country by 2045.

The Prime Minister emphasized that although countries and peoples may differ in political systems, economic development levels, and cultural and social identities, they share a common mission: "to preserve and protect the blue ocean for today jointly and for future generations," so that the sea will forever remain a space for life and sustainable, nature-aligned development.

Regarding the current situation, PM Chinh pointed out the paradox and issued a serious warning about the status of ocean conservation and sustainable use goals. This goal is receiving the lowest level of investment among the 17 United Nations SDGs, despite the ocean covering up to 70% of the Earth’s surface.

To address this issue, the Prime Minister proposed a people-centered, comprehensive, and global approach based on fairness, equality, inclusiveness, and sustainability, with a united effort to conserve and develop the blue ocean together.

PM Chinh believes it is necessary to focus resources on strengthening three areas, including:

First, increasing investment in marine science research, development, and application, with an emphasis on promoting technology transfer, research cooperation, experience sharing, and jointly building a global marine data system.

Second, enhancing the mobilization and effective use of resources for sustainable marine economic development, with the spirit of "the state leading – enterprises pioneering – people accompanying – international organizations facilitating and supporting," to create a green ocean financial ecosystem, in which Vietnam is ready to take the lead in piloting this model.

Third, strengthening intercontinental, interregional, international connectivity and global governance of the blue ocean, based on the spirit of "the United Nations as the center – international law as the foundation – international cooperation as the driving force," to form "blue ocean growth poles" and connect global marine economic centers. Vietnam is ready to actively participate and contribute to the development of this important network in the South China Sea, a strategically significant sea region in the world.

PM Chinh once again affirmed Vietnam’s strong commitment to being a reliable partner, ready to accompany global efforts to protect the ocean; an active partner willing to participate in and lead marine cooperation mechanisms; and a responsible partner prepared to contribute to fair and sustainable green finance initiatives.

With the overall theme of “Accelerating action and mobilizing all stakeholders for ocean conservation and sustainable use,” the UNOC 3 is of great importance, setting the direction for the preparation to complete the SDGs by 2030.

The conference includes 10 plenary sessions and 10 thematic sessions addressing issues that the international community currently faces and needs to promote international cooperation. The goal is to tackle challenges and ensure effective ocean governance, bringing long-term development benefits.

The conference attracts the attention and participation of many heads of state, national leaders, leaders of international organizations such as the United Nations and the Food and Agriculture Organization, as well as leaders of businesses, international donors, and marine environmental activists.

Over the years, Vietnam has consistently affirmed its role as an active and responsible member of the international community, adhering to international law, especially the United Nations Convention on the Law of the Sea (UNCLOS). Vietnam has proactively engaged in the conservation and sustainable use of the ocean and marine resources, and is ready to contribute to global efforts in this field. The country has taken strong and decisive measures to implement SDG 14.

Participating in and contributing to UNOC 3 presents an opportunity for Vietnam to showcase its achievements in implementing SDG 14, while also exchanging international experiences and strengthening cooperation in science, technology, equipment, and finance to further advance the implementation of SDG 14 domestically.