Although the aquaculture industry have been facing many challenges, it continues to receive support from the Government, Director in charge of communications of the Vietnam Association of Seafood Exporters and Producers (VASEP) Le Hang told Lao dong newspaper.

According to Hang, the Prime Minister has demanded the State Bank of Vietnam effectively manage credit operations to ensure the suitable provision of credit capital, and continue to reduce interest rates to support businesses, especially those in aquatic export.

The bank has been required to implement supportive and preferential policies, including proposing a credit package worth 10,000 billion VND (over 425.4 million USD) to support businesses operating in forestry and aquatic production and processing industries.

Credit programmes should be prioritised for the fisheries sector, towards creating favourable conditions for businesses involved in the industry to access credit sources serving their production and business activities, thus promoting livelihoods for fishermen.

The Ministry of Industry and Trade has been ordered to focus on trade promotion activities, including continuing negotiations and signing trade agreements with potential partners, in order to expand export markets for Vietnamese aquatic products.

It is also tasked with protecting brands of export-import goods in international markets in the event of trade disputes, and providing guidance on legal mechanisms and regulations to help individuals and businesses comply with legal requirements and international commitments.

The PM has asked the Ministry of Agriculture and Rural Development to closely coordinate with relevant agencies and localities to implement effective measures to fight illegal, unreported and unregulated (IUU) fishing in an attempt to get the European Commission (EC)’s “yellow card” warning against its seafood exports removed.

The ministry is also tasked with exploring and promoting new markets for Vietnam's export activities, and continuing efforts to promote sustainable fisheries management and development.

Meanwhile, the Ministry of Natural Resources and Environment have been required to build land policies to ensure that they are favourable for enterprises to develop in the direction of specialised and large-scale production.

Total agro-forestry-aquatic product exports turnover reached an estimated 20.26 billion USD in the first five months of 2023, down 11.1% year-on-year. The aquaculture sector alone earned 3.47 billion USD, down 25.9%.

China, the US, and Japan remained the top three importers of Vietnamese aquatic products in the period.

The Ministry of Agriculture and Rural Development attributed the situation to the global economic downturn, high inflation rates in some developing countries, and tightened monetary policies in major markets, saying that businesses are facing difficulties in securing orders.

However, it said that these difficulties are only temporary, adding that the demand for Vietnam's seafood products in major markets has gradually recovered and recorded growth again.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the export turnover of the sector is expected to enjoy a rebound and achieve growth again from the fourth quarter of this year.

VNA