The Kra Canal is a mega-project that provides a new maritime route that would connect the Gulf of Thailand with the Andaman Sea, linking the Indian and Pacific Oceans. The idea of building the Kra Canal has widely gained attention from policy-makers, legislators, maritime activities, shipping and seaport operators due to advantages such as big cost savings, higher levels of safety and security, shortened distance and time compared to the voyage through the Straits of Malacca. This waterway will likely challenge the present maritime business activities in Vietnam. Therefore, this article considers the pros and cons of the Kra Canal project with political, economic, sociological, legal, environmental, maritime security, and safety aspects. Finally, the novel maritime business strategies are proposed to boost and reshape the Vietnam maritime economy.