Approval of the investment policy of the Sustainable Fisheries Development Project in Vietnam

Approval of the investment policy of the Sustainable Fisheries Development Project in Vietnam
Dương Châu Thanh

What is the content of the investment policy approval for the Sustainable Fisheries Development Project at the Ministry of Agriculture and Rural Development in Vietnam?

Approval of the investment policy of the Sustainable Fisheries Development Project in Vietnam

Approval of the investment policy of the Sustainable Fisheries Development Project in Vietnam (Internet image) 

Approval of the investment policy of the Sustainable Fisheries Development Project in Vietnam

Decision 592/QD-TTg of 2023 on the investment policy of the Sustainable Fisheries Development Project at the Ministry of Agriculture and Rural Development, a loan from the World Bank issued by the Prime Minister of Vietnam

Approve the investment policy of the Project "Sustainable fisheries development at the Ministry of Agriculture and Rural Development" (Project), with the following contents:

1. Project managing agency: Ministry of Agriculture and Rural Development.

2. Sponsor: World Bank (WB), Sustainable Trade Initiative (IDH) and World Wide Fund for Nature (WWF).

3. Objectives and scale of the Project:

- General objective: To strengthen management of the fisheries industry and increase product value through upgrading smart infrastructure.

- Detailed objectives: 

+ Invest in infrastructure to serve seafood exploitation, including building and upgrading dynamic fishing ports in major fishing centers, class I fishing ports, and storm shelters for regional fishing vessels in a modern and synchronous direction, creating motivation to support offshore seafood exploitation, improving exploitation efficiency, reducing post-harvest losses, contributing to protecting island sovereignty, and removing the European Commission's yellow card;

+ Build infrastructure for the fisheries inspection industry to exploit and protect seafood resources effectively and sustainably;

+ Strengthen management capacity, organize production, combat illegal, unreported, unregulated (IUU) fishing, and sustainably manage aquatic resources;

+ Reduce losses after seafood exploitation, reduce epidemics, protect the environment and adapt to climate change;

+ Improve management capacity of the fisheries industry.

- Scale and investment content of the Project:

The project includes 07 construction investment sub-projects, and the contents of the fisheries industry management capacity are divided into 03 components as follows:

+ Component 1 - Infrastructure investment (07 subprojects) serving sustainable fisheries development: (i) building 02 new dynamic fishing ports at major fishing centers in Khanh Hoa and Kien Giang; (ii) upgrading and repairing 03 type I fishing ports and fishing ports combined with storm shelters: fishing ports combined with storm shelters for fishing vessels on Bach Long Vi island - Hai Phong city; Lach Hoi fishing port, Thanh Hoa province; Lach Bang fishing port, Thanh Hoa province; (iii) new construction of 01 type I fishing port: Thuy Tan fishing port - Thai Binh province and 01 typhoon shelter anchorage area in Tam Quan region - Binh Dinh province.

+ Component 2 - Non-structural items: (i) Improving seafood exploitation management capacity to combat illegal IUU fishing; (ii) Applying advanced technology in the production of marine and shrimp breeds; (iii) Applying advanced technology in commercial shrimp farming; (iv) Upgrading and completing the national database system on fisheries; (v) Supporting the management and reduction of plastic waste in exploitation and aquaculture.

+ Component 3 - Project management.

4. Group project: A.

5. Project implementation time: 06 years from the time the project is allocated capital by the competent authority.

6. Project implementation location: The project is deployed and implemented in 06 provinces and cities: Hai Phong, Thai Binh, Thanh Hoa, Binh Dinh, Khanh Hoa, and Kien Giang.

7. Total project investment capital: 115.6 million USD (equivalent to 2,679,614,717 thousand VND), of which:

- WB's IBRD loan: 83.6 million USD (equivalent to 1,938,471,938 thousand VND);

- Non-refundable aid capital from IDH and WWF: 1.61 million USD (equivalent to 37,321,410 thousand VND);

- Counterpart capital: 703,821,370 thousand VND (equivalent to 30.4 million USD).

8. Domestic financial mechanism:

- WB loan: 100% allocated by the state budget.

- Counterpart capital: 100% allocated by the state budget.

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