Fishermen in Da Nang City prepares for their offshore fishing. On May 29, the Bank for Investment and Development of Vietnam (BIDV) plans to release a credit package with attractive interest rates to help fishermen build iron vessels. — Photo dantri.com.vn

HA NOI (Biz Hub) — The Bank for Investment and Development of Vietnam (BIDV) plans to release a credit package with attractive interest rates to help fishermen build iron vessels for offshore fishing.

Pham Quang Tung, deputy general director of the bank, said on May 29 that BIDV was considering a two per cent interest rate in the VND3 trillion, or US$142.8 million, package, which will be available for fishermen living in the area between the central Da Nang City and the southern Ba Ria-Vung Tau Province.

The BIDV rate is much lower than the 5 per cent interest charged in the government package for fishermen and the marine industry, said a BIDV official.

Under the BIDV package, fishermen can get loans up to 85 per cent of the vessel value and give their vessels as loan security. During the first three years, they will enjoy zero per cent interest, and then 2 per cent will be charged for 12 years.

The bank also offers short-term loans to enable fishermen to buy fuel and food for offshore fishing.—VNS