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Preferential credit package for fisheries could reach VND 60,000 billion
01/10/2024
The Government requested the State Bank to study increasing the scale of the credit package for forestry and fisheries to about VND 50,000-60,000 billion to support overcoming damage after the storm.
At the resolution of the regular Government meeting in August, the Government assigned the State Bank to direct banks to continue reducing costs and lowering lending interest rates. In the future, credit flows, in addition to being directed to production and business sectors, should prioritize overcoming damage caused by storms and floods.
The banking sector was assigned to study and increase the scale of the preferential credit package for the forestry and fisheries to about VND 50,000-60,000 billion, which is double the current amount (VND 30,000 billion). At the same time, this agency must have solutions to remove obstacles for the VND 140,000 billion credit package for social housing loans.
Typhoon Yagi, the strongest storm in 30 years, made landfall in the Gulf of Tonkin on the morning of September 7, forcing nearly 13,000 households in Hai Phong, Quang Ninh, and Thai Binh to evacuate urgently. The storm caused severe damage to the agricultural sector, especially aquaculture.
According to a report by the Ministry of Agriculture and Rural Development, about 1,500 aquaculture cages in Quang Ninh, Hai Phong, Hai Duong and other provinces were damaged and swept away, causing heavy losses to fishermen.
In Van Don, Quang Ninh alone, according to local authorities' estimates, about 318 rafts and nearly 90 boats of all kinds were sunk or broken, etc. causing damage of up to VND 2,200 billion. From now until the end of the year is the time for oyster and fish harvest for fishermen, but the storm has wiped out the fruits of years of labor, pushing many families into poverty and debt.
At a press conference on September 7, Deputy Governor Dao Minh Tu said that the credit package for lending to the seafood export sector has currently disbursed VND 36,000 billion, exceeding the target of VND 30,000 billion. In addition to increasing the scale of capital sources, the agency previously requested commercial banks to defer, extend loan terms, and reduce interest rates for loans, including those for the aquaculture and seafood sectors.
Also in the Resolution, the Government said that this year it aims to control inflation below 4.5%, with GDP growth rate around 7%. To achieve the target, the Government requires the Ministry of Finance to limit spending and reduce the regular spending budget by another 5%. This agency is assigned to manage a reasonable expansionary fiscal policy in harmony with monetary policy. They must also ensure reserve funds for natural disaster prevention and control, salary payments, and social security.
The Ministry of Industry and Trade to give solutions to stabilize supply and demand of goods, especially food, energy and essential goods, "to avoid shortages of electricity and gasoline in any situation".
The Ministry of Agriculture and Rural Development has a production plan to ensure supply for domestic consumption and export, and to avoid food shortages at the end of the year. In addition, ministries and sectors must increase public investment disbursement and accelerate the construction progress of important inter-provincial, regional, national and regional projects.
Kylie Nguyen
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