Businesses urged to invest in marine farming

Businesses investing in marine aquaculture contribute to sustainable development and building marine eco-systems, Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến said.

Việt Nam's marine farming industry has a lot of potential, but investment in it is limited. Photo tuoitre

Việt Nam has great potential for marine aquaculture, but technical infrastructure, especially for industrial farming of marine species, is lacking, according to the ministry.

Experts say coastal aquaculture remains very modest compared to the country’s potential.

The marine aquaculture area and output have increased by 20 per cent every year since 2010 to 70,000ha and 650,000 tonnes now.

The Government recently approved a project for its development until 2030 with the overall goal of developing into a safe, effective, sustainable, and eco-friendly industry that produces branded products for the domestic and export markets and generates jobs and improves incomes in coastal areas, contributing to improving the security of the country’s seas and islands.

It will focus on adapting to climate change, restructuring production activities and building value chains for various products.

By 2025 it targets having an area of 280,000ha for aquaculture, an output of 850,000 tonnes and exports of US$800 million to $1 billion.

A fleet of logistics vessels and offshore marine farming areas will be set up in key provinces.

Incentives will be offered for offshore industrial aquaculture to encourage investments in major coastal cities and provinces like Quảng Ninh, Hải Phòng, Bình Định, Phú Yên, Khánh Hòa, Ninh Thuận, Bình Thuận, Bà Rịa - Vũng Tàu, Cà Mau, and Kiên Giang.

Priority will be given to multi-species farming and supporting a shift away from traditional to industrial models.

The use of technology, international technology transfer and investments will be also promoted, and research projects will be supported.

Việt Nam aims to have an advanced marine farming industry with sustainable development and systematic management by 2045.

It hopes to increase annual output and exports to three million tonnes and over $10 billion.