(VOVworld) - Minister of Agriculture and Rural Development, Cao Duc Phat, has reported to the government a draft decree on incentive policies for the fisheries sector. This will enable fishermen to benefit from lower interest rate, better loans with grace periods and infrastructure investment in aquaculture farm. Fisherman Tran Quang Trung from Nghia An commune, Quang Ngai province was encouraged to hear the news. He said: “It’s better now that asset categories that could be used as mortgages for loans have been diversified. This makes it easier for fishermen to borrow loans and build new ships. It’s great that we could borrow up front 90% of the capital required to build a metal fishing boat.”

National Assembly deputy Dang Ngoc Tung from Dong Nai province comments on the draft decree: “The government has made correct decisions in supporting offshore fishing. Fishermen now could borrow 90% of the cost for building metal boats in 10 years at an interest rate of 3%. The size of loans for wooden boats is also up to 70% of building cost. As a result, fishermen will keep fishing normally despite Chinese provocation, ramming and damaging their boats.”

Deputy Nguyen Duc Kien from Soc Trang province called for more technical support for fishermen. Kien said: “We need to establish more service companies catering for fishing boats, especially logistic ships supplying gasoline, oil, water and ice at sea. This will help fishermen stay offshore for a longer period of time.”

The new decree also widens insurance coverage for fishing industry, especially those operating in Hoang Sa, Paracel, and Truong Sa, Spratly archipelagos.