Vietnam will invest USD1.91 billion in aquaculture by 2020

Prime Minister Nguyen Tan Dung has approved an aquaculture development project with an expected cost of VND40 trillion (USD1.91 billion) by 2020.

The funding will come in two phases. The first, VND25 trillion (USD1.19 billion), for the period of 2011 and 2015. The second phase has a projected cost of VND15 trillion (USD718.9 million), and will be disbursed between 2016 and 2020.

These investments aim to bring national aquaculture output to 3.6 million tonnes by 2015, and 4.5 million tonnes by 2020.

In the next five years, the country’s goal is to increase its aquaculture production area to 1.1 million hectares, which should create 1.1 million new jobs.

By 2020, the total production area of the nation will increase to 1.2 million hectares with 3.5 million people working in the industry.

Hopes are that this will add between USD3.5 billion and USD4 billion in exports by the year 2015. By the year 2020, the target has been set at between USD5 billion and USD5.5 billion.

According to these estimates, farmed sea fish output can be expected to rise to 200,000 tonnes a year by 2020.

Last year, Vietnam’s aquaculture area reached 1.1 million hectares with an output of around 2.8 million tonnes.

The country expects to raise its aquaculture output to three million tonnes this year.

Tags: VIetnam Aquaculture