The fisheries sector will need 61 trillion VND for its development plan to 2020, reports said at a seminar on a master plan for the industry, which took place in Hanoi on June 22.

Of the 61 trillion VND, 30 trillion VND is used to develop aquaculture, while over 24 trillion VND is needed for the processing sector and about 6.6 trillion VND for fishing.

Speaking at the seminar, Deputy Minister of Agriculture and Rural Development, Vu Van Tam, affirmed that the aquatic sector needs to be developed into a major revenue source by increasing competitiveness and earning a prestigious trademark to assist integration into the international economy.

The sector should also set up fisheries centers in combination with key fishing grounds to ensure sustainable development to everyone’s benefit.

According to the plan, the country’s seafood output is expected to reach 2.4 million tonnes annually by 2020, with expected growth of 16 to 17 percent in the same period. Aquaculture production will gain 4.5 million tonnes with an average yearly growth of 5.2 percent. The ministry is also aiming to earn 11 billion USD from seafood exports by 2020.

To reach the goals, Director of the Institute for Fisheries Economics and Planning, Nguyen Thanh Tung, said that in terms of seafood exploitation, the sector needs to evaluate the aquatic resources and apply advanced technologies that suit the Vietnamese fishery industry.

Businesses in this sector need to invest in upgrading processing equipment to meet the national technical standard and meet the demand of import markets on food safety and environmental protection.-VNA