VASEP proposes to support seafood exports

According to the updated statistics by VASEP, seafood exports are estimated to reach $549 million, down nearly 20% in Mar., 2020 as compared to the same period last year.

Many orders from the Middle East, Asia or South America markets have been cancelled or postponed due to the covid-19 pandemic, resulting in a big amount of inventory. Moreover, companies are bearing various costs due to change of the boat itinerary, change of arriving ports, container storing in ports. As accumulated up to Mar, 2020, Vietnam took in %1.5 billion from seafood exports, down 14%.

In the face of current situation, VASEP proposed the Ministry of Agriculture and Rural Development to recommend the Government with policies and solutions to difficulties faced by companies, involving 0% interest rate in the first two years, a 50% decrease in interest rate in the next four years on long-term loans which are used for building storage facilities with capacity of at least 5,000 pallet, a 50% decrease of business income tax in the first two years when the above mentioned storage facilities are put into operation, low interest rate on loans given to companies, and extension of loan.