The Vietnam Sports Administration believes domestic sports are entering a phase of comprehensive and sustainable development. Historically, investment focused on elite sports with international competitive potential. Now, there is a growing need to expand grassroots sports, enabling people to choose suitable activities for health and quality of life, and access better sports services.

In this evolution, sports transcend mere entertainment, culture, or social activities. They are increasingly recognized as an economic sector generating value through media, commerce, sponsorship, broadcasting rights, tourism, consumer spending, and related services. Globally, the sports economy significantly contributes to GDP and enhances resources for both amateur and professional sports development.

Athletes participate in the VnExpress Marathon All-star in Hoa Lac, Hanoi on 8/2. Photo: VnExpress Marathon

Despite this potential, Vietnam's sports economy lacks comprehensive data, in-depth research, and consistent dialogue platforms crucial for strategic planning, policy development, and market growth. To address this, the Vietnam Sports Administration has partnered with Vietcontent Joint Stock Company to foster development and explore solutions for this sector.

Nguyen Danh Hoang Viet, Director of the Vietnam Sports Administration, views this as an opportune moment for a breakthrough. "We anticipate this collaboration will encompass all activities, including media and sponsorship, to advance Vietnamese sports and generate value for our business partners", Mr. Viet stated.

Tran Thuy Chi, Chairwoman of Vietcontent, noted that potential investors in Vietnamese sports often seek market statistics, size assessments, and policy support. This critical information, however, has been largely unavailable. Recently, the Vietnam Sports Administration developed an independent report to facilitate partnerships with businesses.

Nguyen Danh Hoang Viet, Director of the Vietnam Sports Administration (second from right), and Tran Thuy Chi, Chairwoman of Vietcontent (third from left), announce their cooperation agreement at the Vietnam Sports Administration headquarters in Hanoi on 12/6. Photo: Vietnam Sports Administration

"While we prioritize professional expertise, funding remains a constant challenge, which is a significant concern for us", Ms. Chi explained. "The commercial potential of sports, meanwhile, has not been adequately addressed."

Regarding grassroots sports, the Vietnam Sports Administration highlights that marathon events, like the VnExpress Marathon, have generated substantial value over the past decade, bringing revenue to both organizers and local communities.

The government has also proposed new regulations to the National Assembly concerning asset leasing and joint ventures, aiming to create new revenue streams. Additionally, policies related to support, taxation, and investment incentives for businesses are slated for adjustment.

Hieu Luong