Speakers at the Vietnam Sport Economy Summit 2023 on June 3 in Hà Nội. Photo courtesy of Vietcontent

HÀ NỘI — Sport officials, experts and business people shared their opinions and experiences concerning to sport economic management and development of Việt Nam at the Vietnam Sport Economy Summit 2023 on June 3 in Hà Nội.

The summit entitled Exploiting the Potential of Sport Economy in the New Era was organised by the Việt Nam Sports Administration (VSA), Central Committee’s Economic Commission and Vietcontent.

Many speakers were invited to take part in the summit. They spoke about three main topics of Sport Business and the Key Role of the Tournament; Professional sport tournaments and Related Issues and Amateur and School Sport Tournaments and Related Issues.

Sport in many countries has become a profession in the economic system. And the sport economy is a 'massive machine' that links with many other manufacturing and service industries, creating jobs, profits, incomes, contributing significant taxes to the national budgets and creating positive societal values.

In Việt Nam, sport has been growing strongly after many changes and good new ways to promote sports socialisation. The country has step by step mobilised the participation and contribution of the whole society to develop sports, bringing home medals from the regional, continental competitions and Olympics.

The success of the Việt Nam delegation from the recent two SEA Games was an impressive evidence of the cooperation between local sport industry and social resources.

Generally, Việt Nam was still considered one of underdeveloped countries in the field of sport. The country needed to learn, exchange experiences, urgently change and accelerate so as not to lag far behind. It is necessary to build it as an industry -- a sport economy -- that is not only suitable with national policy and socialised resources but also adapt and keep pace with the development trend of sport economy in general of the region, continent and even the world.

Việt Nam delegation at the closing ceremony of the 32nd SEA Games on May 17. Việt Nam topped the medal table after great performances of more than 700 athletes. VNA/VNS Photo

"Việt Nam sports have been strongly developed but we have not yet mobilised all resources to build up sustainable sports development, especially towards big arenas such as Asian Games and Olympics," said VSA director Đặng Hà Việt.

"The sports economy is a big deal, today's summit focuses on tournaments and how to attract sponsors and generate cash flow to help sports develop. It is expected that the summit will help federations, associations, and tournament organisers lure the attention of the supporters and sponsors."

Việt shared his knowledge of the globalisation of the growing sports economy in which there are five important fields: professional sports, recreational sports, sports tourism, event organisation and sports media.

Among speakers were Nguyễn Mạnh Hùng, deputy director of the Central Committee’s Economic Commission's Social Affairs Department; Lim Song, Chairman of VSP Company; Trần Chu Sa, CEO of VBA; Nguyễn Thành Đạt, head of Corporate and Communication Herbalife Vietnam and  Nguyễn Mạnh Hùng, General Secretary of the Việt Nam Athletics Federation.

They shared, analysised and suggested opinions about major issues in the management, planning and building up the national sport economy as well as sport copyright in both the present and the future. It was expected to help Việt Nam speed up the process of professionalisation and socialisation of sports and build a sport economy sustainable, modern and open as as expected.

The summit - a stage for concerning people and to meet, talk and discuss about sport - will be organised annually after the success of the first edition. VNS