Under the decree, ship-owners building vessels made from steel or new materials and with a total engine capacity of 380 CV or higher can borrow a certain sum from commercial banks, which much not exceed 95% of total costs.
With a preferential interest rate of 5% per annum, ship-owners are required to pay just 1% while the State budget subsidises the remaining 4%.
According to fishermen, the new policy has helped them realise their dream of having a large fleet capable of heading offshore. It gives them motivation in marine economic development, and at the same time contributes to protecting Vietnam’s sovereignty over seas and islands. In recent years, the decree has assisted the restructuring process in the fisheries industry, preserving resources and improving livelihoods in coastal regions.
One of the Party and State’s main targets is to promote the marine economy and become wealthy from the sea. The shipbuilding industry is given priority in this regard, serving economic development, ensuring the lives of fishermen, and firmly protecting territorial sovereignty.
Under these policies, the Government gives the highest priority to the construction of new steel-hulled logistics vessels, specializing in the provision of necessities, water, oil, and marine product purchases, and to focusing on investment in infrastructure.
According to the Ministry of Agriculture and Rural Development, seafood consumption has met with a host of difficulties due to the impact of COVID-19, leading to a sharp decline in seafood prices compared to before the epidemic.
To resolve the problem, the ministry recommends that processing establishments concentrate on promoting seafood processing, including canning and making fish sauce and dried products. Seafood processing and exporting enterprises are recommended to continue to diversify frozen and canned products and to boost exports to markets still affected by the pandemic.
In order to contribute to improving production efficiency and consumption at this time, the ministry has made a number of recommendations to the Prime Minister, including suggesting the Ministry of Industry and Trade closely coordinate with localities in trade promotion activities for the agriculture, forestry, and fisheries sector, with particular attention paid to boosting domestic consumption. The ministry also called for the strengthening of State management over trade and markets, to resolutely handle acts of profiteering, price manipulation, and trade fraud, while seeking measures to remove trade barriers and expand markets./.
