Preferential Loans Help Lam Dong Fishermen Venture Offshore
Preferential social policy credit is enabling many coastal fishermen in Lam Dong to invest in fishing gear, gradually stabilize their livelihoods, increase income, and confidently remain at sea.
Preferential policy credit as a livelihood anchor
In recent years, these credit programs have become a crucial support, helping fishermen invest in equipment and develop their fishing activities. For low-income households, concessional loans act as “fishing rods,” creating opportunities to go offshore and improve earnings.
At Cam Binh beach in Phuoc Hoi Ward, basket boats used for nearshore fishing are seen docking regularly.
After returning from a fishing trip and checking his nets, Tran Xuan Binh of Cam Binh Hamlet said most local fishermen either work for owners of larger vessels or stay close to shore because they lack the capital to invest in bigger boats. A small motorized basket boat and fishing gear cost around VND 200 million, which remains a major barrier for many fishermen.
Fortunately, I was able to access a loan from the Social Policy Bank with a repayment term of up to 10 years, which gave me the confidence to invest. Even nearshore fishing can provide a fairly good income on good days, averaging VND 300,000 to 700,000 after expenses.
Tran Xuan Binh, Cam Binh hamlet
Higher loan ceilings expand investment opportunities
According to Lam Bao Duy, Director of the Social Policy Bank’s La Gi Transaction Office, nearly 900 households have received loans totaling over VND 52 billion since the beginning of the year, with more than half being fishermen.
The implementation of Resolution No. 71 by the provincial People’s Council has raised the loan ceiling to VND 200 million with a term of up to 10 years, enabling more fishermen to invest in their livelihoods.
The loan amount is sufficient for a household to purchase a basket boat, machinery, and fishing equipment. Demand is increasing, and we will continue to accelerate disbursement as additional funds become available.
Lam Bao Duy, Director of the Social Policy Bank’s La Gi Transaction Office
Stabilizing livelihoods, strengthening commitment to the sea
In practice, employment-support loans have provided disadvantaged fishermen in coastal areas with the means to invest in fishing activities.
Nguyen Vu Linh from Mui Da quarter, Phuoc Hoi Ward, previously worked as hired labor. Over the past year, thanks to preferential loans, his family now owns a basket boat and full fishing gear.
“Fishing is challenging, but with low interest rates, I can invest and still have enough to support my family. Since owning a boat, our financial situation has become much more stable,” Linh shared.
For coastal fishermen, investment in fishing equipment is vital, allowing them to secure livelihoods, create jobs, and improve their income.
Preferential credit is not only a “fishing rod” but also a driving force that empowers fishermen to head offshore, stay committed to the sea, and gradually improve their living standards.