A subsidy of 70 million VND/vessel/year for new purchase and construction of fishing vessels given to fishermen in Vietnam

03:29, 10/07/2024

Recently, the Ministry of Finance issued Circular 35/2008/TT-BTC guiding Decision 289/QD-TTg on policies to support ethnic minorities, policy households, poor households, near-poor households, and fishermen.

New purchase, new construction of fishing vessels, Circular 35/2008/TT-BTC

A subsidy of 70 million VND/vessel/year for new purchase and construction of fishing vessels given to fishermen in Vietnam (Illustrative image)

Circular 35/2008/TT-BTC stipulates the support for fishermen in purchasing new, constructing new fishing vessels in Vietnam as follows:

Beneficiaries of the assistance policy include:

- Fishermen who purchase new, construct new fishing vessels with engines of 90 HP or more.

- Fishermen who purchase new, construct new vessels providing services for fishing vessels.

Conditions for assistance:

- The newly purchased, newly constructed vessel must have an engine capacity of 90 HP or more, completed registration and inspection procedures, have a fishing license (for fishing vessels) or a business registration certificate (for service vessels), and completed insurance purchase for the hull and crew accident insurance.

- The newly purchased, newly constructed vessel must have a 100% new engine and meet the economic-technical standards as prescribed by the Ministry of Agriculture and Rural Development.

- Fishermen must have a legal residential address, and engage in fishing activities confirmed by the commune-level People's Committee.

Subsidies:

Each newly purchased, newly constructed vessel is supported by the State with 70,000,000 VND/vessel/year.

More details can be found in Circular 35/2008/TT-BTC, which comes into effect in Vietnam from May 24, 2008.

Ngoc Tai

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