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Bank Pumps in Cash to Bail Out Fish Industry

VIET NAM The State Bank of Vietnam has ordered state-owned Agribank to pump VND1 trillion into the Cuu Long River Delta to rescue tra farming ponds, where the fish are said to be starving.

Saving tra fish has become a top priority for the Ministry of Agriculture and Rural Development (MARD) and other Vietnamese government ministries.

On 1 June, Deputy Prime Minister Hoang Trung Hai had an online working session with leaders of the eight Cuu Long River Delta provinces, discussing ways to bail out tra fish and the tra processing industries.

The State Bank of Vietnam has now approved an urgent loan of VND 1 trillion for the Cuu Long River Delta to rescue the fish.

On 8 June, MARD Minister Cao Duc Phat chaired another online working session with the eight provinces in the Cuu Long River Delta to discuss tra fish problems, again.

Ngo Phuoc Hau, Deputy Chairman of the Vietnam Association of Seafood Exporters and Producers, said that many tra processing enterprises do not want to borrow money from theVND1 trillionl loan programme because of the high interest rate.

Leaders of the Cuu Long River Delta provinces all said at the working session that the 18 per cent interest rate at which banks lend capital to enterprises is unaffordable.

Meanwhile, Deputy Governor of the State Bank of Vietnam Nguyen Dong Tien affirmed that capital is profuse, and that the State Bank has asked other commercial banks to join forces to lend to tra farmers.

Ellen Hardy

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