The decree, which took effect in August 2014, stipulates policies, including preferential credit to support fishermen and ship owners, who wish to build new high-capacity and steel-clad fishing boats, to conduct offshore fishing.  

Bui Duc Thanh, a fisherman of Binh Chanh commune in Quang Ngai province, said that thanks to government loans, he has built a 750-horsepower boat worth US$243,000.

“Any fisherman wants to own a big fishing boat. My family is so happy to build this boat and hopes it will help us improve our living standards,” said Thanh.

Fisherman Duong Van Quang of Vinh Truong ward in Nha Trang City said he has become thrived after buying a new vessel. He has had seven offshore fishing voyages.

Quang said “thanks to the decree, we have bought a big and beautiful boat making our fishing more efficient. We earn up to US$31,500 or even US$45,000 from each voyage. With my current income, I can pay off the loan and possibly build a bigger vessel.”

The program has benefited thirty five ship owners in Quang Ngai, 28 in Khanh Hoa, and 86 in Quang Binh. 35 people in Binh Dinh have signed contracts to build new vessels. 

Nguyen Cong Huan, Deputy Director of the Quang Binh Ship Industry Company, said “we’ve issued mechanisms to support fishermen in ship building with high quality and reasonable prices. We’ve tried to hand over the products to fishermen as scheduled.”

According to Pham Truong Tho, Vice Chairman of the Quang Ngai People’s Committee, local authorities and relevant agencies are taught about the decree and will make fishermen be aware of its content. Quang Ngai province is exerting efforts to help fishermen access government capital.

The government has promulgated a number of new regulations to help fishermen upgrade their fishing boats.

“The time to borrow money to build steel-clad boats has increased from 11 to 16 months. We should make full use of existing policies to tap our marine economic potential,” Vu Van Tam, Deputy Minister of Agriculture and Rural Development, said.