PM promises support to revive plunging wood, seafood exports

By Hoai Thu   April 13, 2023 | 06:37 pm PT
PM promises support to revive plunging wood, seafood exports
Prime Minister Pham Minh Chinh speaks at a forum on April 13, 2023 to untangle issues in wood and seafood exports. Photo by Vietnam Government Portal
Prime Minister Pham Minh Chinh has promised that the government would resolve the issues faced by the wood and seafood sectors to help revive their sharply declining exports.

The billion-dollar industries, which provide tens of millions of jobs, saw exports fall by 28% and 27% year-on-year in the first quarter of this year.

The government would address market, policy and capital issues to boost their exports, Chinh said at a meeting Thursday between government and industry representatives.

Government agencies need to simplify procedures to create a favorable environment for them and help businesses find ways to sell more domestically and gain access to new markets, taking advantage of free trade agreements, he said.

Wood and seafood are among the country’s biggest export earners, accounting for nearly 54% of all agricultural exports.

Shipments to all major markets declined sharply. Exports to the U.S. plunged by half in the case of seafood and 37% in the case of wood products as demand plummeted.

Chinh instructed the agriculture ministry to speed up the process of removing the yellow card issued by the E.U. to Vietnam for illegal unreported and unregulated fishing.

"Policies are needed to increase public-private partnerships."

He tasked the Ministry of Finance with tackling tax-related challenges and give businesses tax incentives for this year.

He instructed the State Bank of Vietnam to provide capital to the two sectors at subsidized interest rates.

The Vietnam Association of Seafood Exporters and Producers and the agriculture ministry should build brands for Vietnam’s three main export products, shrimp, pangasius and tuna, he added.

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