In this paper, we investigated the feasibility of harvesting wave energy in Phan Thiet sea area. In Viet Nam seas, Phan Thiet sea area is the most suitable for exploiting wave energy. This paper studies exploiting sea wave energy by the point absorber method for Phan Thiet sea area. The point absorber is a popular harvesting sea wave energy method, it is suitable for areas with small wave energy as Phan Thiet sea area. This work build the floating body dynamics equation for point absorber buoy. By solving this equation, we have determined the efficiency of sea wave energy exploitation for Phan Thiet sea area. The result showed the wave energy in Phan Thiet sea area can be exploited effectively.