Agribank Phu Yen promotes the development of lobster farming

In the last days of July, we went to Cu Mong Lagoon, in Song Cau town - the "capital" of lobster farming in Phu Yen province. Standing on the shore, you can see the lagoon with vast space. Everywhere you can see dense aquaculture cages.

Cage aquaculture in the sea of Phu Yen province was established in 1990 and has grown enormously, with more than 100,000 cages on an area of about 1,500 hectares of water surface. The main objects of farming are lobster and marine fish.

It can be said that marine aquaculture in Phu Yen province not only brings economic benefits to farmers but also contributes significantly to the economic structure of agro-forestry fishery in the region. 

After more than 30 years of developing lobster farming, we talked to many fishermen in the lowland area who all admitted: "It is the shrimp that has changed the lives of many people and helped many families to become rich worth."

For example, Mr. Pham Phuc's family in Phu Duong village, Xuan Thinh commune, before 1993 was very difficult, had to ask to live on other people's land. To make a living, Mr. Phuc casts a net to catch fish daily and goes with the ship to beat the rakes. Therefore, the family's life is still in the vicious circle of hunger and poverty. 

It was not until he approached the capital of VND 30 million from the loan team of Agribank to start lobster farming that his family life changed. Thanks to his hard work, practical shrimp farming, and timely support of Agribank's capital from VND millions to billions, he has helped increasingly expand the lobster cage yearly. Until now, his family's lobster farming scale ranks first and second in the Xuan Canh commune area, with nearly 300 commercial cages and 100 nursery cages for juvenile shrimp. 

Mr. Phuc said that he harvests lobsters all year round by raising mats. Each year, he sells 9-10 tonnes of shrimp meat and 3-4 tonnes of cobia, VND billions in revenue. Not only enriching himself, he now creates jobs for five workers, with an average income of VND 8 million /person. 

Similarly, Mr. Nguyen Van Quang is one of the large-scale lobster farmers in Phu Duong village, Xuan Thinh commune. After 27 years, he has developed about 250 cages for lobster meat and exports 2-3 batches, each batch of 4-5 tonnes of lobster yearly. The most profitable years he gets from VND 3-4 billion, and on average earned about VND 1 billion after deducting expenses.

Nguyen Van Quang said that his family's property today is thanks to the practical support from Agribank's loan during the initial period of starting the business and until now. 

According to Mr. Quang, lobster farming requires enormous capital investment because shrimp farming lasts 12-13 months for blue lobster and about 18-20 months for cotton lobster. A cage of about 200 green lobsters from agriculture to harvesting costs about VND 30 million, not including the cost of making cages and farming labor. Therefore, if farmers have bank capital to support them, it is easier to develop on a large scale. 

Therefore, looking back on the past three decades, Mr. Quang and many fishermen in Song Cau town said that with the support of Agribank's capital, lobster farming would be easier to develop on a large scale as it is today.

Mr. Le Van Thinh, Director of Agribank Phu Yen province branch (Agribank Phu Yen for short), said that in recent years, Agribank has always created favorable conditions for lending to farmers to develop seafood, especially lobster farming across the province based on the strength of the local economy.

To meet the capital needs of farmers, Agribank Phu Yen cooperates with the authorities of communes, associations, and grassroots mass organizations in Song Cau town to make a list of farming households that need loans and assign staff Credit in charge of the appraisal area, timely disbursement.

According to Mr. Le Van Thinh, Agribank Phu Yen each year provides seafood sector loans, with outstanding loans accounting for about 14%, of which Song Cau town accounts for 70% of total outstanding loans. And thanks to this loan, many fishermen have taken advantage of practical lobster farming to get rich righteously. 

On the other hand, up to now, in Song Cau town, people who need to invest in lobster farming capital are provided by Agribank Phu Yen to provide loans according to regulations. Usually, people in the lobster farming season will borrow money, but when they harvest, they are customers who save money at Agribank. Therefore, there is a close relationship and long-term commitment between Agribank and the people of Song Cau town. Thus, in times of severe damage from natural disasters and epidemics, Agribank still provides maximum support for loans, helping people quickly restore production.

According to Agribank Phu Yen, when affected by the Covid-19 epidemic, many aquaculture farmers faced many difficulties due to slow consumption output; Agribank lowered the lending interest rate to 0.5-1.5%/ year for customers across the province, of which there are 131 customers in Song Cau town. In addition, 472 customers in Song Cau town received new loans to restore production after the Covid-19 epidemic, totaling nearly VND 110 billion.