February 10, 2006

Seafood consortium to be set up in Vietnam

Plans are afoot to set up a local consortium of seafood export and processing enterprises this year, the Vietnamese Fisheries Ministry said on Thursday.

The goal is to re-organise the Viet Nam Seafood Corporation, the Ha Long Seafood Corporation and the Bien Dong Seafood Corporation into holding companies in which the State holds 51 percent of the statutory capital.

In 2005, the fisheries sector re-organised 17 enterprises and created more than 3,300 jobs.

Deputy Head of the Fisheries Ministry's Finance Scheme Department Le Van Uyen said that the process has helped mobilise investment capital from the people and enhanced the health of the investment environment.

Working towards the goal of producing high-quality products, the ministry has encouraged the development of community management models and cooperation among production, services, processing and trading.