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Its crude oil output is completely exported, which is less lucrative than refining it to produce gasoline and other products.
But no oil refinery has been built in the country so far.
The government has invested a lot of money in developing fishing but most of the fishing boats in the country are for deep-sea fishing.
There are many seaports in the country but only a few are deepwater ports that can handle large vessels.
Many of the ports are in the central region, bunched too close to each other.
The country is endowed with an advantageous geography but, compared to countries like China, India and South Korea, it has failed to set up anything that can be truly called a free economic zone.
Most of Vietnam's open economic zones are only 4,000-5,000 hectares, much smaller compared with those in other countries.
Besides, its policies related to tax, land prices and the business environment in the zones too have left much to be desired.
To become an important player on the world stage, Vietnam should know not only how to cash in on its natural resources but also its geography.
This article appeared on www.thanhniennews.com
June 3, 2008
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