The Ministry of Agriculture and Rural Development has approved a national master plan for developing the seafood industry from now until 2020.
Under the plan, the processed seafood output is expected to hit about 2.1 million tonnes per year by 2020 with an annual growth rate of 3.5 percent and export earnings of US$10 billion.
To achieve this target, the ministry said the industry will need about VND2.55 trillion in the next ten years from all economic sectors, both domestic and foreign loans and government bonds.
The master plan for developing seafood emphasizes the need to implement a number of projects to upgrade or build industrial-scale factories for processing seafood, buy storage and preservation facilities for ships, and set up a research centre.
Another focus of investment will be on training labourers, promoting trade, and developing domestic markets and technologies.
The plan introduces several measures to boost domestic consumption of seafood and export. It also gives priority to projects on ensuring food safety and hygiene.