OPTIMIZING TUNA FISHERIES: LESSONS FROM VIETNAM'S TRANSITION FOR SUSTAINABLE RESOURCE EXPLOITATION

Abstract Objective: This study explores Vietnam's tuna fishing practices, emphasizing community-focused marine exploitation policies. We analyze tuna species' productivity from 2010 to 2017, identifying the key components that drive Total Factor Productivity (TFP) and raising awareness about overexploitation risks. Methods: Leveraging the Färe-Primont (FP) index, we examine Vietnam's potential in ocean tuna fishing, assess efficiency, and propose strategies for improvement. Our research incorporates direct interactions with local fishermen, shedding light on the significance of seafaring knowledge and self-initiated equipment and technique acquisition. Results: The findings reveal that Vietnam possesses substantial untapped potential for ocean tuna fishing; however, from 2010 to 2017, inefficiencies resulted in Vietnam achieving only 25-35% of its potential. Enhancing efficiency by reducing small-scale vessels and transitioning to well-equipped larger vessels could yield a remarkable 60% improvement. Additionally, shifting specific fishing methods within different Vietnamese provinces/regions could enhance productivity by approximately 20%. Conclusion: Government support is pivotal in providing knowledge and related support services to equip local communities effectively. Removing barriers between the government and local fishermen is a primary task for Vietnam, paving the way for broader discussions on digital transformation and enforcing stricter local fishing regulations. This study underscores the importance of aligning the interests of local communities, government policies and law, and sustainability practices to harness Vietnam's vast potential in tuna fishing while safeguarding the marine ecosystem.