Prime Minister Nguyen Tan Dung has approved a new fund to aggressively promote the preservation and continued sustainable development of the fisheries sector.
The fund entitled, Viet Nam Fund for Aquatic Resources Reproduction (VIFARR), will receive financial resources from the State to disburse to programmes related to the preservation and reproduction of aquatic resources.
As a State financial fund under the direct management of Ministry of Fisheries, it will operate in accordance with the standards and requirements defined by the Ministry of Finance.
The Fund will also provide financial support for organisations or individuals to shift from coastal fishing to off-shore fishing activities and displaced residents of marine preservation areas. Other activities including projects to apply new technology in fisheries farming or new and improved fishing methods will also qualify for the Fund’s support.
The establishment of the fund is part of a larger plan to develop the sector with a view to long term growth, where an export turnover target of 4.5 billion US$ has been set for the year 2010.
The fisheries sector has set a target of receiving 3.6 billion US$ from seafood and marine exports this year, an increase of 0.3 billion US$ over last year.
Source: VNS
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