December 31, 2013
Vietnam's fishing industry, with strong contributions from small and medium-sized enterprises, attracted more than 70 foreign direct investments (FDI) projects amounting to US$310 million.
Vietnam's landscape seems to have convinced investors abroad, providing natural opportunities for the fishery industry, a coastline of over 3,260 kilometres, 2,860 rivers and more than 3,000 islands and islets offshore. In 2010, fish production contributed 10.14% to the country's gross domestic product (GDP).
Vietnam Briefing reported that despite the success of achieving US$310 million in FDI, there is still unfulfilled potential in Vietnam's fishing sector.
Most FDI was focused on aquaculture, processing, feed and fries. Dinh Thi Thanh Huyen, an official with the Ministry of Agriculture and Rural Development, said that projects were small with an average investment capitalisation of over US$4.4 million each.
A strong foundation for sustainable growth is still lacking despite businesses from 18 countries and territories have invested in the industry. Huyen suggested localities implement a development strategy leading into 2020 to attract hi-tech and environmentally friendly FDI projects, as well as perfecting incentive investment policies.
She advocated in favour of the use of Public-Private Partnership programmes as a means to diversify investment methods.