New decree on fisheries development took effects

On November 25th, Ministry of Agriculture and Rural Development held a conference at Binh Dinh province to evaluate the implementation of Decree 67 on fisheries development as well as amended Decree 89, which was valid from November 25 to fit the current situation.

The conference drew the participation of 28 coastal cities and provinces. According to the Decree 89, fishermen will receive 11 years of loan interest subsidy for building wooden ships and 16 years for ships made of steel or new materials. The first year after the disbursement, ship owners will not have to pay interest rate or principle payment. In addition, the Decree also creates favourable conditions for fishermen as fishermen are supported 100% of the cost of designing steel ships or new materials ships with a capacity of 400 CV, which they do enjoy from not Decree 67.