State budget provides fishing vessel insurance premium support

The State budget will provide insurance premium support for offshore fishing ships and offshore fishery logistic vessels, said a new decree on fishery development policies.

According to Decree No 17/2018-ND-CP on amending Decree 67/2014/ND-CP dated July 7, 2014, the boats are members of fishing teams or cooperatives and have a total main engine capacity of 90HP and above each.

The State budget will cover all annual premiums for all crew members working on board, and half of the premiums for the boats’ body, excluding fishing tools and catches.

The Decree will take effect from March 25, 2018.

Decree 67/2014/ND-CP, which took effect from August 25 last year, provides policies to encourage fishermen to build high-capacity steel ships capable of fishing offshore, a practice that could earn fishermen higher incomes and contribute to protecting the country’s territorial waters. 

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