The state will renew policies related to domestic and foreign investment in the local fishery industry because of inefficiency in attracting investment to the industry at present.

This was stated by officials from the Ministry of Agriculture and Rural Development (MARD).

According to MARD, by the end of 2013, Vietnam had 70 foreign direct investment (FDI) fishery projects with a total registered figure of a modest 300 million USD. The domestic private investment in the industry also stood at low level.

Chu Tien Vinh, former deputy director of Fisheries Department under the MARD, said high risk and unattractive investment incentives have made domestic and foreign investors shy away from investing in the local fishery industry, according to Dau tu (Investment Review) newspaper.

Investors had mae minor investments in the seafood trade segment and in feed for the industry, while the industry had mainly state investment.

Meanwhile, the state investment in the industry has also not met the industry's demand, added Vinh. During the period of 2006-10, the investment to the fishery industry accounted for 3 percent of the total investment in the agricultural sector. The MARD has increased the investment to 7 percent for the period 2011-15 but it is still low.

The MARD expects to increase the investment in fisheries to 10 percent of the total investment in the agricultural sector for the period of 2016-20.

Nguyen Thi Hong, head of the MARD's Planning Department, said in the future the structure of investment to the fishery industry would be restructured in the direction of cutting investment from the state budget, increasing investment from preferential credit, calling private and FDI capital, and encouraging public-private partnership (PPP) projects.

The department has cooperated with large foreign corporations, including Metro Cash and Carry Vietnam, Cargill and Fresh Studio, for implementing PPP projects in the fishery industry and has gained positive results.

Deputy Minister of agriculture and rural development Vu Van Tam said the ministry would review plans of fishing ports across the nation and submit new investment policies to the Prime Minister in the coming time.

The ministry would act as an advisor to the government and provinces to set up specific plans for developing large fish centres in Hai Phong, Da Nang, Khanh Hoa and Ba Ria-Vung Tau and help attracting new investment to these centers, he said. Such centers are also being planned in Kien Giang and Can Tho.
Meanwhile, the fishery industry will also change structure of investment to give priority in capital for infrastructure, logistics service, large regions of developing fisheries and fisheries varieties of the industry.

The industry will also focus on intensive production, application of hi-tech and collaboration between production and business.

Do Thu Trang, from general research division under the Planning and Investment's Development Strategic Institue, said the provinces with a developed fishery industry should have long-term plans to attract investment to the industry and cooperate in pormoting investment among regions.-VNA