Prime minister asks for $435 million bailout to support forestry and aquatic sectors
❓Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam (SBV) with studying a bailout worth VND10 trillion (almost $435 million) to support the #forestry and #aquatic sectors.
🐟 #Vietnam’s Prime Minister requested that the Ministry of Finance to propose governance agency solutions on the exemption, reduction, and postponement of the taxes, land and water surface rents, and land use fees that are to be applied in 2023.
🔁 The prime minister’s requirements were issued in response to the weak export turnover of the forestry and aquatic sectors compared to that seen in 2022.
🌲 Notably, the export value of #timber and #forest products was estimated at $17.1 billion in 2022, exceeding the initial target by 3.8 per cent. The industry was expected to increase to $17.5 billion in 2023.
🦐 Meanwhile, the export revenue of aquatic products last year stood at $11 billion, equalling an increase of 23.8% on-year and 22.2% up on the target.
📉 However, in the first three months of this year, the accumulated export and import turnover of agro-forestry-fishery products was estimated at $20.63 billion, down 11.2% on-year.