Speakers at the Việt Nam Sport Economics Forum 2024 in on October 17 in Hà Nội. Photos of Vietcontent

HÀ NỘI — How to exploit the financial potential of sport was the subject of the Việt Nam Sport Economics Forum 2024 on Thursday in Hà Nội.

The annual event was jointly organised by the Sports Authority of Việt Nam (SAV), the Việt Nam Olympic Committee and broadcaster Vietcontent.

Following its debut in 2023, the forum was an opportunity for management agencies, researchers, enterprises, national sports associations and federations, along with individuals working in the field of sports economics to discuss the sport economy.

This year they focused on the potential of sport economics in the new era, with issues related to ways of managing, operating and exploiting resources from sports activities and events.

Speaking at the forum, Deputy Minister of Culture, Sports and Tourism Hoàng Đạo Cương emphasised that over many years, the Party and State paid much attention to sports which contributed to improving health, stature and physical strength for people especially children. It also made positive effects on prestige, the image of the country and the resources that sports brought to the community.

"Through today's event, I hope that managers, scientists, experts and enterprises will discuss and share valuable experiences on how to manage, operate and exploit economic resources from sports activities and events," said Cương.

"From these important suggestions we can be more proactive in participating and marketing Việt Nam's sport going forward."

About 200 delegates took part in the second forum, discussing the potential of national sport economics in on October 17 in Hà Nội.

Cương requested all attendees, especially managers and advisory agencies on sports and physical education, to urgently have specific and practical plans to realise the guidelines and policies of the Party and State.

It would help Việt Nam promote the national of sports economy, contributing to socio-economic development and to receive more resources to develop physical education and training.

This year's forum saw three discussion sessions, with nine speakers and nearly 30 reports presented to more than 200 delegates and media agencies.

In the first session, speakers evaluated the current legal and policies on sports, advantages and disadvantages of agencies and organisations in terms of sporting activities, in order to propose creating a favourable financial environment. They discussed how to maximise the non-public sector in most areas of sports activities in the spirit of the Conclusion No. 70-KL/TW of the Politburo dated January 31, 2024.

Through second session, there was a focus on appropriate and effective directions for localities and federations in organising events and getting benefits.

The main contents included the benefits and challenges as a host, how to host a major sporting event, the role of state management agencies in a major sporting event and long-term commercial benefits from developing local brands through sports activities and events.

In the final and third session, speakers offered ways for relevant associations, federations and organisations to understand and exploit the commercial value from a sports tournament to achieve the highest efficiencies.

Speaking at the end of the forum, SAV Director Đặng Hà Việt said: "The opinions at the forum have been recorded by the organising committee and will serve as a basis for guidelines and policies to develop Việt Nam's sports economy.

"At the same time, they will also be important suggestions for the sport managers and enterprises to be more proactive in participating in the sport economic market." he said. VNS