Catfish farmers struggle to get business loans

Interest rates have doubled sing 20 February. Last week the An Giang Fisheries Association sent a petition to the Governor of the State Bank of Vietnam, asking for help as local fishermen, who now face major difficulties.

According to the VietNamNet Bridge, the association requested that the central bank instruct commercial banks to prioritise aquaculture in terms of loan authorisation, Without come aid catfish (tra) production and exports would suffer heavy losses, said the Association.

Truong Minh Duc, a tra farmer in Binh Thuy district in Can Tho City, said that the three last tra farming crops brought him profit, but this one was likely to fail. Interest rates have become overly high for farmers and prices are falling rapidly, he said.

Tu Duc, another tra farmer, agreed and said that previously, farmers had to spend VND1.3bil during their six month tra farming crop. The investment capital was sourced from bank loans with interest rates of one per cent per month.

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