Prime minister asks for $435 million bailout to support forestry and aquatic sectors

The prime minister has assigned the SBV to find solutions to provide credit and decrease lending rates for enterprises involved in the forestry and aquaculture sectors. The SBV has been asked to build the bailout package this month in order to support the relevant firms in a timely manner.

The prime minister requires the Ministry of Finance to propose governance agency solutions on the exemption, reduction, and postponement of the taxes, land and water surface rents, and land use fees that are to be applied in 2023.

Associations and businesses should closely coordinate with ministries to ease the difficulties in terms of VAT refunds and trade lawsuits while ensuring the implementation of product traceability.

He directed the Ministry of Industry and Trade to review and amend legal regulations, mechanisms, and policies related to trade, and strictly address violations to prevent them from affecting the reputation of Vietnam’s forestry-fishery sector.

Mechanisms and policies to develop domestic and export markets have to be perfected, trade promotion activities must be stepped up, and attention needs to be focused on increasing the market shares of exports to major players such as China and South Korea.

The prime minister’s requirements were issued in response to the weak export turnover of the forestry and aquatic sectors compared to that seen in 2022.

Notably, the export value of timber and forest products was estimated at $17.1 billion in 2022, exceeding the initial target by 3.8 per cent. The industry was expected to increase to $17.5 billion in 2023.

Meanwhile, the export revenue of aquatic products last year stood at $11 billion, equalling an increase of 23.8 per cent on-year and 22.2 per cent up on the target.

However, in the first three months of this year, the accumulated export and import turnover of agro-forestry-fishery products was estimated at $20.63 billion, down 11.2 per cent on-year.

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