Prime Minister Pham Minh Chinh has recently announced that the government of Vietnam is committed to resolving the issues faced by the wood and seafood sectors in the country, in order to help revive their sharply declining exports. These billion-dollar industries provide tens of millions of jobs and saw exports fall by 28% and 27% year-on-year in the first quarter of this year.

During a meeting on Thursday between government and industry representatives, Chinh stated that the government would address market, policy, and capital issues to boost the exports of these sectors. He emphasized the need for government agencies to simplify procedures and create a favorable environment for businesses to operate in, while also helping them find ways to sell more domestically and gain access to new markets by taking advantage of free trade agreements.

The wood and seafood industries are among Vietnam’s biggest export earners, accounting for nearly 54% of all agricultural exports. However, shipments to all major markets have declined sharply, with exports to the U.S. plunging by half in the case of seafood and 37% in the case of wood products as demand plummeted.

In his instructions, Chinh tasked the agriculture ministry with speeding up the process of removing the yellow card issued by the E.U. to Vietnam for illegal unreported and unregulated fishing. He also emphasized the need for policies to increase public-private partnerships, while instructing the Ministry of Finance to tackle tax-related challenges and provide businesses with tax incentives for this year.

Furthermore, Chinh instructed the State Bank of Vietnam to provide capital to the two sectors at subsidized interest rates, thus easing the financial burden on businesses in these industries. The Vietnam Association of Seafood Exporters and Producers and the agriculture ministry have also been tasked with building brands for Vietnam’s three main export products, shrimp, pangasius, and tuna, in order to enhance their visibility and competitiveness in the global market.

In conclusion, the government of Vietnam is committed to resolving the issues faced by the wood and seafood sectors in the country, in order to help revive their declining exports. By addressing market, policy, and capital issues and providing incentives and support to businesses in these industries, the government hopes to boost their exports and create a more favorable environment for their operations in the country.