BIDV reserves $714 million loan for seafood sector

Tuesday, Aug 26, 2014 17:32

BIDV will reserve a loan of over $714 million for the seafood sector over the 2014-17 period. -- Photo

HA NOI (Biz Hub) ─ The Bank for Investment and Development of Viet Nam (BIDV) announced that it will reserve a VND15-trillion, or US$714.28-million, loan for the seafood sector over the next three years.

This is in line with Government support policies for the sector, as specified in Decree No 67/2014/ND-CP that took effect on August 25.

The bank will provide the loans for seafood exploitation, vessel building and upgradation, offshore logistics development and seafood breading and processing.

Earlier this year, BIDV registered a VND3-trillion, or $142.86-million, lending package to help fishermen improve their offshore operations.

On June 3, the bank signed a principle agreement with the authorities of the central Binh Dinh Province to develop a fleet of high-power fishing vessels here, with VND700 billion, or $33.33 million, as part of the package.

It has also financed about VND106 billion, or $5.05 million, for seafood exploitation and distribution activities in localities situated along the central coastline between the Nghe An and Binh Dinh provinces.

The Government should help fishermen reorganise fishing grounds and modes, and local authorities should help lenders manage the financing, to enhance the efficiency of the assistance programmes, BIDV suggested. ─ VNS

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