Prime Minister Nguyen Tan Dung has issued a decree aiming to expand aquatic production activities and develop a fleet of fishing vessels in coastal localities.

Under the decree, fishermen are allowed to borrow up to 95 percent of the cost of a new steel vessel.

The shipowners can take out an 11-year loan from commercial banks at an annual 7-percent interest rate. They will pay only 1-3 percent of the rate while the Government will pay the rest.

The banks can extend payback period for the borrowers if their ships face risks at sea.

Besides, the State Bank of Vietnam will also support owners in paying their fishing boat insurance, up to 100 percent of insurance costs for fishermen.

Seamen will also be provided with training courses to operate steel fishing ships and new seafood preservation technologies.

The decree will take effect on August 25.-VNA