A branch of the Bank for Investment and Development of Vietnam (BIDV) based in the central coastal province of Quang Binh will offer shipbuilding and upgrading loans worth over 33.7 billion VND (1.6 million USD) to two local fishermen and one company.
A branch of the Bank for Investment and Development of Vietnam (BIDV)based in the central coastal province of Quang Binh will offershipbuilding and upgrading loans worth over 33.7 billion VND (1.6million USD) to two local fishermen and one company.
Each credit contract is equivalent to a maximum 95 percent of the costs required to build or renovate ships.
The BIDV branch has so far signed credit contracts worth more than40.7 billion VND (1.9 million USD) with four out of 16 clients approvedby the provincial People’s Committee.
The lendingis prompted by the government’s Decree 67 which stipulates provisionsfor fisheries development, including supporting fishermen in buildinghigh-capacity, iron-covered ships designed for offshore fishing, apractice that could earn them higher incomes.
Commercial banks nationwide have pledged about 14 trillion VND (658million USD) in loans for organisations and individuals wishing to buildnew ships or upgrade their existing fishing vessels. Borrowers must beapproved by the municipal or provincial authorities.
As many as 2,079 new off-shore fishing ships and 205 logistics shipswill be built under this decree, according to the Ministry ofAgriculture and Rural Development.-VNA
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