Each credit contract is equivalent to a maximum 95 percent of the costs required to build or renovate ships.

At the signing ceremony, shipbuilding loans were given to two local fishermen and a company. Concretely, a loan of over VND14.9 billion was given to Mr. Ho Dang Hien (in Duc Trach commune, Bo Trach district) to newly build a 800 CV capacity iron-covered ship with a total estimated investment of over VND15.7 billion. Mr. Nguyen Van Cung in Duc Trach commune, Bo Trach district was given a loan of over VND5.1 billion to newly build a 713 CV capacity wood-covered ship with a total investment of over VND9.1 billion and the Hong Cong Limited Company in Dong Phu ward, Dong Hoi city was provided with a loan of VND13.6 billion to newly build a 800 CV capacity iron-covered ship with a total investment of over VND14.4 billion.

Earlier, BIDV Quang Binh Branch had also signed a credit contract, worth VND7 billion with Mr. Nguyen Van Duong in Bao Ninh commune, Dong Hoi city to newly build a 820 CV capacity ship with a total investment of over VND10 billion.

The BIDV Quang Binh Branch has so far signed credit contracts worth more than 40.6 billion VND with four clients approved by the provincial People’s Committee.

The lending is carried out according to the Government’s Decree 67 which stipulates provisions for fisheries development, including supporting fishermen in building high-capacity, iron-covered ships designed for offshore fishing, a practice that could earn them higher incomes. Borrowers must be approved by the municipal or provincial authorities.

Translated by Nhu Y
(Source: Quang Binh Portal)