Prime Minister Pham Minh Chinh has instructed the State Bank of Vietnam (SBV) to study and propose a credit package of VND10 trillion ($421 million) to support businesses producing and processing seafood and forestry products.

This is part of the conclusion from Prime Minister Chinh at a recent meeting with the Association of Vietnam Timber and Forest Products and the Vietnam Association of Seafood Exporters and Producers, held to discuss measures to tackle difficulties in promoting production and exports of forest products and seafood.

The export revenue of wood and wooden products hit $17.1 billion last year while seafood export turnover came in at $11 billion.

However, since late in 2022 and especially in the first quarter of 2023, exports in the two sectors fell drastically. The export value of wood and wooden products fell 28 per cent year-on-year and of seafood over 27 per cent.

The Prime Minister asked that difficulties and obstacles be removed, especially in terms of markets, institutions, and credit for the production, processing, and export of forest and aquatic products.

He also asked for measures to help businesses conquer major markets while seeking new markets to boost exports.

It is necessary to encourage businesses and the private sector to invest in aquaculture farming infrastructure and equipment and enhance public-private cooperation in forest product and seafood production, processing, and trade.

He asked the Ministry of Finance to direct authorized agencies to consider and implement solutions relating to exemptions and also reduce or extend payments of taxes and land and water surface rental fees to support businesses.