South Korea to support USD 2.3 million to promote aquacultural productivity in Vietnam

Dong-Sik Woo, South Korea's Deputy Minister of Oceans and Fisheries and President of the National Institute of Fisheries Science received the Vietnamese Ministry of Agriculture and Rural Development.

Deputy Minister Phung Duc Tien praised Vietnam and South Korea's long-term partnership, which has flourished in different sectors over the years, including trade, investment, culture, education, agriculture, and rural development. South Korea has been the most active investor in Vietnam, with over 9,000 projects and a total investment capital of almost USD 80 billion.

Agriculture, forestry, and fisheries trade between Vietnam and South Korea has grown significantly as a result of the efforts of the two governments, Ministries and departments, firms, and efficient coordination between the two Ministries, particularly in boosting seafood trade.

The South Korean government supported Vietnam with a number of technical support programs in agriculture, forestry, and fisheries from 2010 to 2022, which were important and had a direct effect on fishermen and the Vietnamese community. Among these programs are technological transfer, plant varieties improvement, production improvement, and value chain development. Also the projects on high technology, high technology applications in agricultural production, including animal husbandry, farming, and aquaculture, in particular.

"The results of South Korean projects have contributed to promoting research, transferring technical advancement, improving agricultural value, and improving agricultural efficiency in agricultural production; South Korean enterprises have also approached Vietnam's agricultural production to promote joint venture production and trade cooperation of agricultural products," said Deputy Minister Phung Duc Tien.

At the conference, MARD and South Korea's Ministry of Oceans and Fisheries signed a decision record on implementing the ODA project "Technical cooperation for productivity improvement of the aquaculture industry in Northern Vietnam" from 2022 to 2026.

South Korea is expected to provide 3 billion KRW (about USD 2.3 million) to Vietnam through the ODA project to stabilize the shellfish aquaculture production system and improve seed production facilities in Nam Dinh and Ninh Binh. Furthermore, South Korea will send experts to the places to provide technology transfer and training to boost the aquaculture capacity in Vietnam.

Deputy Minister Phung Duc Tien saw this as a practical project since it would encourage scientific and technical collaboration as well as sustainable fishing development between Vietnam and Korea.

"The project contributes to improving productivity and developing sustainable aquaculture (specifically shellfish farming) in the northern coastal area through infrastructure upgrades, equipment and technology transfer, as well as improving human resources for aquaculture in Vietnam," said the Deputy Minister.

Deputy Minister Phung Duc Tien believes that, in addition to traditional programs and projects, the two sides should focus on promoting potential and comparative advantages; diversifying cooperation methods from technical support and technology transfer to new investment models such as public-private partnerships, joint ventures, and value chain linkages; encouraging and attracting investment in fisheries; improving the quality, maximum support for market opening, and the value of seafood trade.  These are the areas where the two ministries can collaborate and grow the most.

MARD and South Korea's Ministry of Oceans and Fisheries are intended to implement significant research findings on large-scale production through technical support programs to enhance the two-way seafood trade. Furthermore, it is critical to maintaining financing for small-scale research to pilot innovative advanced techniques in South Korean and Vietnamese fisheries.

Dong-Sik Woo, representing the Korean side, announced the Busan Expo (EXPO) 2030 and requested Vietnam to sponsor this event.

"I'm extremely delighted that this project may assist enhance people's earnings and settlement in the northern area of Vietnam via improved aquaculture output; we seek joint growth and expect to give more to the international community through global partnerships," Woo added.