Financial package announced to help tra fish exporters

Prime minister Nguyen Tan Dung has passed a VND9 trillion package to support tra fish exporters, according to the Vietnam Association of Seafood Exporters and Producers (VASEP) said.

The government has announced to set aside VND9 trillion to support the tra fish industry. Traders will be given VND4 trillion of soft loans.

However, there remain regulations set by banks that make it hard for fish exporters to access the government aid, said Duong Ngoc Minh, deputy head of VASEP.

“For instance, the government has ordered banks to arrange loans for enterprises with the interest rate of 14 percent per year, but the loan term is within only four months. Given a downtrend in tra fish exports, only businesses in big troubles accept such conditions,” said Minh.

To tackle the current situation, VASEP will work with banks and the directorate of Fisheries to remove such bottlenecks, giving enterprises better access to financial support.

Early this month, the Ministry of Agriculture and Rural Development and VASEP proposed the VND9 trillion credit package for tra fish producers and processors. The move is aimed at buying around 800,000 tonnes of tra fish from farmers by the end of the year.

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Category: Finance