Vietnam Sets Up Aquatic Resources Development Fund
Prime Minister Nguyen Tan Dung has just signed a decision establishing the Vietnam Fund for Aquatic Resource Reproduction (VIFARR) to protect aquatic resources.
VIFARR, to be managed by the Ministry of Fisheries, will sponsor programs, projects, and activities preventing degradation of these resources, and generate jobs for those affected by the establishment of marine reserves and restricted areas.
One important function will be supporting local enterprises in using advanced technologies in fishing and farming.
Vietnam has more than one million square kilometers of fishing area, with total output reaching two million tons last year. The industry also has around 85,000 boats and employs 500,000 people.
Last year the country earned US$3.3 billion from seafood exports, with 40-50 per cent of raw materials for the seafood processing industry sourced locally.
In the first quarter of 2007, seafood exports brought in US$678 million to the country, up around 11.9 per cent on year. (Vietnam & World Economy)
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