VASEP plans to introduce a stimulus package to support the aquaculture industry shortly.

DNHN - The Vietnam Association of Seafood Exporters and Producers (VASEP) has just sent an important dispatch to the Government Office, highlighting the ongoing challenging situation in the seafood production and export industry.

VASEP has proposed to the State Bank of Vietnam the deployment of a 10,000 billion VND stimulus package to assist aquaculture farmers in overcoming difficulties and restoring production.

According to VASEP, the seafood export industry experienced a significant decline in the first five months of 2023, falling by 28% compared to the same period the previous year and totaling only $3.37 billion. This situation is reportedly worse than at the height of the COVID-19 pandemic. The primary reason is that the consumption market is experiencing difficulties, which has resulted in a substantial decrease in export orders (from 20% to 50%). Simultaneously, export prices fell sharply, and businesses in the industry were subject to high-cost pressure and rising bank interest rates.

In this context, VASEP proposes deploying a VND 10 trillion stimulus package to assist aquaculture businesses in acquiring the necessary raw materials to be export-ready within the next three to six months. 2023 and the first three months of 2024. This stimulus package is intended to assist the seafood industry in coping with the current export order shortage.

Aquaculture plays an important role in the Vietnamese economy, contributing significantly to exports and employing a large number of people. Therefore, the implementation of a VND 10,000 billion stimulus package will help maintain and improve production activities in the industry, contributing to the economic recovery of the country.

VASEP is currently collaborating closely with relevant authorities and partners to ensure the viability and efficacy of this stimulus package. Shortly, it is hoped that the government will consider and support the implementation of a VND 10 trillion stimulus package, thereby promoting the recovery and sustainable development of the aquaculture industry.

PV (t/h)