Financial aid

The constant rise in fuel prices has caused up to 55 percent of 99,000 fishing boats throughout Vietnam to stay ashore to avoid losses, according to the Ministry of Agriculture and Rural Development, which is calling for financial supports for fishermen. Fuel has become a so huge expense that many fishermen in the country are having trouble making a living. Gasoline and oil demand for fishing activities averages out at 330 million liters per month, according to the agriculture ministry, while the price of diesel 0.05S, the main fuel for fishing vessels, has spiked by 65 percent, or VND11,441 (US$0.49) per litter, since December 2021. In total, fuel costs needed to maintain normal fishing activities have skyrocketed by about VND3.776 trillion ($162.4 million) a month. While fuel costs usually account for 45-60 percent of fishing expenses, the other costs have also increased by 10-15 percent, raising the total expenses by 35-48 percent on average. Meanwhile, the increase in … [Read more...] about Vietnam agriculture ministry urges aid for fishermen as rising fuel prices keep them ashore

In late March, Japan’s Sumitomo Corporation and local BRG Group worked with Danang’s leaders to discuss projects both groups want to deploy in the city. In 2020, Chairman of Danang People’s Committee Le Trung Chinh handed over MoUs on investment cooperation to Sumitomo Corporation and BRG Group to promote investment in a wide range of urban and infrastructure development projects in Danang. According to BRG chairwoman Nguyen Thi Nga, Danang has the full potential for a leading global player like Sumitomo to weigh over opportunities for investment and business expansion. “The board of directors at Sumitomo is solid with their investment orientation in Danang as they have sent several working groups to the city to shape an iconic regional-level project in Danang,” said Nga. Beyond Japanese groups, international investors from various other countries have expressed the desire to make forays into Danang. In a meeting with the city’s management at the end of April, Park In Sung, … [Read more...] about Danang becoming focal point in Central Vietnam investment

Permanent Representative of Vietnam to the International Fund for Agricultural Development (IFAD) Duong Hai Hung (L) presents his credentials to IFAD President Gilbert F. Houngbo . (Photo: VNA) Rome (VNA) – Permanent Representative of Vietnam to the International Fund for Agricultural Development (IFAD) Duong Hai Hung has presented his credentials to IFAD President Gilbert F. Houngbo. Houngbo highly valued Vietnam’s effective cooperation with the IFAD, saying that the partnership is a model of cooperation between the agency and its member countries. He thanked the Vietnamese Government for supporting the IFAD representative office in Hanoi and creating optimal conditions for the office to upgrade itself to an IFAD coordination centre in the Mekong region (Mekong Hub). The official also lauded the role of Vietnam in the common work of the IFAD through financial and technical contributions as well as activities of the country’s representative office in Rome. He pledged … [Read more...] about IFAD hails Vietnam’s effective cooperation