The State Bank of Vietnam (SBV) has instructed commercial banks to implement a credit program totaling VN15 trillion ($633 million) for businesses in the fields of forestry and fisheries.

The program will last to June 30, 2024.

The annual lending interest rate will be 1-2 per cent lower than the average in commercial banks.

Twelve commercial banks have registered to join the program so far.

Earlier, Prime Minister Pham Minh Chinh asked the SBV to study and propose a credit package of VND10 trillion ($421 million) to support businesses producing and processing seafood and forestry products.

Figures from the Vietnam Association of Seafood Exporters and Producers (VASEP) show that seafood exports in the first five months of 2023 stood at over $3.2 billion, down nearly 30 per cent year-on-year.

Vietnam earned an estimated $6.42 billion from forestry product exports in the first half, down 28.8 per cent year-on-year, according to the Department of Forestry at the Ministry of Agriculture and Rural Development.