BIDV to offer VND15 trillion loans to support fishery sector

The Bank for Investment and Development of Vietnam (BIDV) on September 5 officially announced a credit package worth VND15 trillion (US$705 million) to fund fishery development programmes in 28 coastal provinces and cities across the country.

The capital is used to upgrade or build offshore fishing boats. Photo: Huu Chi

BIDV Deputy General Director, Pham Quang Tung said that an amount of VND12 trillion (US$564 million) will be implemented between 2014 and 2017 and the remaining VND3 trillion (US$141 million) will be disbursed from now on to the end of 2016 in response to the Government's Decree No.67 dated on July 7, 2014 on fishery development.

The package will provide fishermen with loans to upgrade and build offshore fishing boats, working capital loans to assist infish harvesting and logistical services for offshore fishing.

The capital will also be spent on developing the aquaculture sector, breeding production, seafood processing, tuna fishing and processing among others.

To make the credit package pay off, BIDV will work with fishing boat owners and local authorities before lending is finalised and the bank pledged to disburse to eligible clients within four days after receiving complete legal records.

Since early June, BIDV has provided working capital loans with an interest rate of 5% per year for seafood traders from Nghe An to Khanh Hoa, with a total disbursement of over VND110 billion (US$5.17 million). The bank has also received loan applications from other 98 fishermen and ship-building enterprises, with a total capital of over VND1.4 trillion (US$65.8 million).

(Source: nhandan.org.vn)