Vietnam’s fishing companies look to Indonesia

- Last updated on GMT

Related tags: Overfishing, Fish, Southeast asia

An undeveloped marine fishing industry and abundant fish stocks make Indonesia’s waters attractive for Vietnamese companies, but fishing is steeped in regulations.

Foreign fishing operators need to use a fleet of 100 metric tonnes and have it operated by an Indonesian captain and must also invest in local processing plants.

There is also a new regulation being put in place this month which will mean that Vietnam operators will be required to contribute 5% of ship import duty for each fishing contract.

Vietnam is looking to fulfil agreements with other countries in a bid to expand fishing ground, as fish stocks in Vietnamese waters are gradually deteriorating.

Last month Vietnam’s Directorate of Fisheries held a workshop with Indonesia to introduce companies to the procedures of fishing in foreign waters as well as familiarise them with the investment regulations.

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