Illustrative photo (Source: VNA)

Hanoi (VNA) - The fishing fleet in the north central coastal province of Thanh Hoa saw the addition of 18 high-capacity ships during nearly two years implementing the Government’s Decree 67 on measures to develop fisheries.

Fisherman Vien Dinh Hien from Quang Cu Commune, owner of the first ship built and launched with preferential loans under Decree 67, said his dream has come true with the 822CV ship which allows him to go on long fishing trips offshore without worrying about safety.

Hien’s ship was built at a cost of 12.7 billion VND, with 7.8 billion VND borrowed from banks under preferential conditions.

Hien said he earns more than 100 million VND in profit after each fishing trip, adding that he hopes to borrow more to build new ships.

Since Decree 67 took effect, Thanh Hoa provincial People’s Committee has approved loans to 83 eligible ship owners.

As of the end of June, commercial banks in Thanh Hoa signed more than 391 billion VND worth of credit with 36 ship owners, with 204 billion VND already disbursed. Loans range from 65-95 percent of the new ship’s cost, with the ship being collateral for the loan.

However, many fishermen still face difficulties in accessing credit under Decree 67, mostly because they cannot prove their financial capacity, according to Le Quang Tuyen, head of the province’s fishery resource exploitation and protection agency.

In addition, many ship owners are slow in completing documents or selecting ship designs.

On the part of banks, the official said the processing of borrowing documents usually takes a long time, and banks sometimes require ship owners to have collateral for loans.

Tuyen said the province will increase communication activities to help local fishermen understand the requirements and procedures to access financial sources available under Decree 67.

Decree 67, which took effect in August 2014, stipulates policies in investment, credit, insurance, and tax incentives in support of fishermen and ship owners, who wish to build new fishing boats, upgrade their existing ones or buy fishing and marine equipment. Its aim is to ensure fishermen can earn higher incomes.-VNA