March 7, 2007

Vietnam PM approves fund to support fisheries
 

Prime Minister Nguyen Tan Dung has approved a new fund to aggressively promote the preservation and continued sustainable development of the fisheries sector.

The Vietnam Fund for Aquatic Resources Reproduction (VIFARR), will receive financial resources from the State to disburse to programmes related to the preservation and reproduction of aquatic resources.

As a State financial fund under the direct management of Ministry of Fisheries, it will operate in accordance with the standards and requirements defined by the Ministry of Finance.

The Fund will also provide financial support for organisations or individuals to shift from coastal fishing to off-shore fishing activities and for residents displaced from marine preservation areas. Other activities including projects to apply new technology in fisheries farming or new and improved fishing methods will also qualify for the Fund's support.

The establishment of the fund is part of a larger plan to develop the sector in a longer view where an export turnover target of US$4.5 billion has been set for the year 2010.

The fisheries sector has set a target of receiving US$3.6 billion from seafood and marine exports this year, an increase of $0.3 billion over last year.