The Prime Minister has approved a VND9 trillion (almost $450 million) rescue package for farmers and businesses operating in the tra fish sector.
According to Duong Ngoc Minh, vice president of the Vietnam Association of Seafood Exporters and Producers (VASEP), the funds will be channeled through the Bank for Investment and Development of Vietnam (BIDV).
However, local businesses are finding it hard to access the incentive loans with the lowered interest rate of 11.4 per cent per year, even though they are facing numerous financial difficulties, he said.
VASEP will continue working with the BIDV and the General Department of Fisheries to use the rescue package effectively and ease difficulties for producers and exporters, Minh stated.
The funding aims to help local farmers and businesses realise the target of producing and processing 800,000 tonnes of fish by the end of this year.