Vietnam to protect investors at its exclusive economic zone

“We will take measures to guarantee safety for domestic and foreign investors of oil and gas exploration projects in Vietnam’s exclusive economic zone,” stated Minister Nguyen Xuan Phuc, Chairman of the Vietnamese Government Office.

Phuc confirmed that Vietnam is determined to protect its legitimate interests in its exclusive economic zone.

“The Binh Minh 02 ship will continue its exploration activities in Vietnam’s exclusive economic zone. We will also take measures to guarantee safety for domestic and foreign investors of oil and gas exploration projects in Vietnam’s exclusive economic zone,” he confirmed.

At a press conference on June 3 in Hanoi, Minister of Agriculture and Rural Development Cao Duc Phat also answered the media about support policies for fishermen who work in Hoang Sa and Truong Sa, and the establishment of the fishery patrol forces.

Minister Phat said that the plan to set up the fishery patrol forces is supported by the Government and the Prime Minister. However, the establishment of these forces will acquire the amendment to the Fishery Law and Inspection Law.

According to Mr. Phat, the sea area out of 20 miles from the shore of Vietnam will be managed by the fishery patrol forces.

The Ministry of Agriculture and Rural Development proposed that the fishery patrol forces will be in charge of protecting Vietnam’s fishery resources; Vietnam’s fishing boats and fishermen in Vietnam’s waters.

Initially, at least ten ships of 3,000 CV will be built and equipped with modern devices as fishery patrol boats. Fishery patrol boat teams of coastal provinces will be also formed. The total investment for this force is nearly VND2.1 trillion ($105 million), including over VND1.8 trillion from the State budget.

Five days after the Binh Minh 02 incident on May 26, a Vietnamese fishing boat was fired on and driven away by three Chinese military ships while it was catching in the sea of Vietnam’s Truong Sa archipelago.

Vietnam has strongly protested China’s acts. – Vietnamnet

Tags: invest in Vietnam, Vietnam FDI, Vietnam FDI 2011, Vietnam investment