The constant rise in fuel prices has caused up to 55 percent of 99,000 fishing boats throughout Vietnam to stay ashore to avoid losses, according to the Ministry of Agriculture and Rural Development, which is calling for financial supports for fishermen.
Fuel has become a so huge expense that many fishermen in the country are having trouble making a living.
Gasoline and oil demand for fishing activities averages out at 330 million liters per month, according to the agriculture ministry, while the price of diesel 0.05S, the main fuel for fishing vessels, has spiked by 65 percent, or VND11,441 (US$0.49) per litter, since December 2021.
In total, fuel costs needed to maintain normal fishing activities have skyrocketed by about VND3.776 trillion ($162.4 million) a month.
While fuel costs usually account for 45-60 percent of fishing expenses, the other costs have also increased by 10-15 percent, raising the total expenses by 35-48 percent on average.
Meanwhile, the increase in seafood selling prices is not compatible.
As a result, about 40 percent to 55 percent of 99,000 fishing boats throughout Vietnam have remained at their ports in recent months, which is attributable to the fact that the longer trips, the heavier losses.
On Friday, the agriculture ministry proposed the Ministry of Labor, War Invalids, and Social Affairs seek the approval from the government on financial supports for fishermen and ship owners, who have suspended their fishing activities for as many as six months.
Vietnam’s seafood production reached 3.92 million metric tons while seafood export turnover hit $3.435 trillion in 2021, according to the agriculture ministry.
The fishing industry has created jobs and secured income for more than 600,000 fishermen and nearly four million workers in coastal fisheries services.
In addition, fishing vessels play an important role in protecting the country’s sovereignty over the sea and islands.