A Government instruction issued in early August decreed that Tra fish farmers wishing to expand their business should be able to borrow money at the favourable interest rate of 11 percent, with many provinces already taking action.
The Government decision came after a series of meetings between ministries, the State Bank of Vietnam and the Vietnam Development Bank to discuss solutions for boosting livestock and aquaculture production.
The majority of the Tra fish growers set to benefit are concentrated in the Mekong Delta.
Accordingly, An Giang Province has disbursed roughly VND267 billion (US$12 million) for lending to farmers at the preferential interest rate of 11 per cent annually.
In Vinh Long, the Department of Agriculture and Rural Development said six farming households had been able to borrow loan from the provincial Agribank at the new rate.
Nguyen Huy Dien, Deputy Director General of the Directorate of Fisheries, said most of the outstanding loans that had been taken for the purpose of breeding, collecting and selling Tra fishes have been adjusted to bring rates below 15 percent.
Dien said currently, the cost for breeding Tra fishes is estimated to cost around VND8 billion (US$381,000) per hectare and often takes 8-10 months, forcing growers to ask for loans that take a similar time period to come through. At the same time, banks only permit short-term loans at several million dong per ha.
According to the Directorate of Fisheries, it has suggested that the Ministry of Agriculture and Rural Planning outline a policy that would allow non-governmental joint stock banks to offer preferential loans to Tra fish growers and raisers.
At the same time, it also suggests the Finance Ministry should allow Tra fish growers to recoup VAT taxes for costs related to buying food, as well as adding materials used in the production of livestock food to the price stablisation list.
Vietnam expects to hit its yearly Tra fish export target of US$1.8-2 billion, according to the Vietnam Seafood Exporters and Producers (VASEP).
The Vietnam Tra Fish Association is due to be inaugurated in September, a move expected to provide a further boost to the sector.
According to Vietnam Customs, the export of value-added pangasius in the first eight months of 2024 has been evaluated as quite positive, with continuous growth in many major markets such as the United States, CPTPP, and the Netherlands...
(seafood.vasep.com.vn) The Department of Fisheries of Ca Mau province coordinated with the School of Fisheries under Can Tho University to organize training courses on high-tech shrimp farming for 120 people in processors, cooperatives and families that are raising intensive and super-intensive shrimp in the province.
(seafood.vasep.com.vn) Currently, Soc Trang province plans to expand its shrimp farming area from over 50,000 hectares to 57,000 hectares by 2025, aiming for a production of 233,800 tons and maintaining a $1 billion export value. The project will establish 45 climate-resilient shrimp farming models and ensure all farms meet aquaculture standards for traceability.
(seafood.vasep.com.vn) In July 2024, Vietnam's fish cake and surimi exports declined. The export value reached just over 24 million USD, down 3% over the same period. In the first 7 months of 2024, the cumulative export of this product group reached 152 million USD, down 13%.
(seafood.vasep.com.vn) Dong Thap is a key region for pangasius farming, boasting the largest production in the Mekong Delta. In the first seven months of 2024, the estimated aquaculture area reached 4,778 hectares, with a harvest yield of 307,336 tons. Of this, the intensive pangasius farming area covered 2,042 hectares, with a harvest of 252,670 tons.
(seafood.vasep.com.vn) According to Vietnam Customs, in the first half of August 2024, Vietnam's pangasius exports to the EU reached nearly 8 million USD, up 57% over the same period. Cumulative pangasius exports to this market as of August 15, 2024, reached 107 million USD, up 0.5% over the same period last year.
(seafood.vasep.com.vn) The Board of Directors of International Development & Investment Corporation (IDI) is confident of completing this year's profit plan in the context of gradually recovering demand for pangasius in China and Mexico.
(seafood.vasep.com.vn) Some farmers in Soc Trang province have successfully applied a balanced biological shrimp farming technique, which eliminates the use of chemicals to minimize environmental impacts. This is a model of farming that adapts to climate change.
8 finalists have been named in the best new seafood product competition to be awarded at Seafood Expo Asia, taking place 4 to 6 September at the Sands Expo and Convention Centre in Singapore.
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