Vietnamese fishermen will be allowed to access loans for building new boats at an interest rate of 5% pa over an 11-year term.  Borrowers will actually only pay 1% of that loan interest rate, whilst the remaining 4% will be funded by the State.  The loans, up to a maximum of 95% of the total value of the boat, can be used for upgrading or building steel-hulled fishing boats over 800 horsepower. 

In addition, before each offshore fishing trip, fishermen can borrow up to 70% of the total cost of a trip at an interest rate of 7% pa.  This is a welcome move for fishermen nationwide because they will no longer have to borrow money from private lenders at high interest rates, or pre-sell their seafood in advance.  

Fishing boats anchored at the Tho Quang wharf

This information was recently released by the Deputy Minister of Finance, Mr Do Hoang Anh Tuan, during discussions in Da Nang on a draft decree concerning fishery development policies.

Apart from issuing preferential support policies for fishermen, the government will give top priority to building new high-capacity support ships to make fishermen feel more secure on their long trips in Viet Nam’s waters.  Measures will also be taken to boost mutual cooperation between fishermen at sea, as well as fishermen and their local co-operatives and businesses.