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Vietnam : SBV and Vietnamese commercial banks expends USD476 million in support of LOCAL FISHERMEN

June 5, 2014

A total VND10 trillion (USD476 million) would be paid out by the SBV and Vietnamese commercial banks in support of local fishermen.

The funds would be expended in low-interest loans with a rate of 3% per year, said Governor Binh.

Under the draft policies, off-shore fishermen will receive preferential loans to build new fishing boats or repair or upgrade existing ones in order to increase fishing capacity and protect national sovereignty.

Fishermen would be backed up with 70% of insurance fees for new fishing vessels, guaranteed by the government.

The Ministry of Agriculture and Rural Development has been instructed by the government to create a decree for the disbursement of the loan package.

The state bank says, The SBV is very willing to disburse these funds as long as the government has set up a legal framework to do so".

Proposed draft policies also deal with raises in compensations for missing or dead fishermen by 25%, as well as offering 15kg of rice for each of their dependents for three months. Vessels that volunteer to help in rescue missions would be recouped the cost of fuel.

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Source: TendersInfo (India)

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