The projects that have seen an investment of VND400 billion (US$25 million)are failing because of poor management and lack of funds.
One shrimp farm owned by the Hai Phong Seafood Export Company is has launched an appeal for funds after the decision by the People’s Committee to pull its backing of the project because it claimed the operation was inefficient and badly managed.
According to Viet Name News the project should have been backed by an investment of VND46 billion (more than US$2.8 million), but so far just VND7 billion ($437) has been raised.
The company has suspended its shrimp farming operations, and instead raises freshwater fish, while it is looking for further funds.
The Viet My Technology Company’s project to build an aquaculture farm has also failed because of poor management the news agency said.
Deputy director of Thanh Hoa Province’s Fisheries Department Dang Van Thong told Viet Nam News aquaculture projects made good economic sense, but many had been implemented too hastily, without adequate planning.
Shrimp Farms Failing Through Poor Management
VIET NAM - Four out of the six shrimp farms in Hai Phong City and Thai Binh and Thanh Hoa provinces in Viet Nam have either closed or are on the brink of closure