Phu Yen’s spending on off-shore fishing increases six-fold

The sum has been channeled into building seven new steel and composite ships and supporting the purchase of insurance for the bodies of 1,336 vessels with capacity of 90 CV and above. 

It has also been used to open training courses on fishing techniques and seafood preservation for 418 sailors.

Nguyen Tri Phuong, Vice Director of the provincial Department of Agriculture and Rural Development, said the fund was created following the Government’s Decree 17 issued on February 2 this year. The Decree amends and supplements Decree 67 dated July 7, 2014 on fishery development policies targeting fishermen.

Decree 67, which took effect in August 2014, stipulates policies in investment, credit, insurance and tax incentives in support of fishermen and ship owners, who wish to build new fishing boats, upgrade their existing boats and buy fishing and marine equipment, among others.

To date, Phu Yen authorities have approved 290 billion VND (12.63 million USD) in loan for eligible ship owners in line with Decree 67. As a result, fishermen have built and put into use 19 new ships.

Since the beginning of 2018, the province has licensed 80 fishing vessels to operate, most of them have the capacity of 160 CV and higher.

Between now and 2020, the Government will provide Phu Yen with 85 billion VND (3.7 million USD) to build an area in Tuy Hoa city for fishing ships to dock during storms