Ha Tinh Province proposes 7 fishery development projects worth over $21.8 million

The People's Committee of Ha Tinh province in Central Vietnam is seeking an approval from the central Government for a major investment proposal for seven fishery development projects with a combined capital of over VND570 billion ($21.8 million).

The proposal has been submitted to the Ministry of Finance, the Ministry of Construction, and the Ministry of Agriculture and Environment for review.

The projects, which focus on upgrading fisheries infrastructure, dredging navigational channels, building sand-control dikes, and developing large-scale aquaculture zones, are aimed at restoring the coastal ecosystem and boosting the productivity of the province's fishing and aquaculture sectors.

The proposed investment is slated to be funded by the environmental compensation paid by Hung Nghiep Formosa Ha Tinh Steel Co., Ltd.

The proposal builds on a previous initiative. Under the Prime Minister's Decision No 467, Ha Tinh was previously allocated VND400 billion ($15.3 million) for four projects aimed at "upgrading fisheries logistics" and "restoring aquatic ecosystems".

The specific projects were construction of the Cua Nhuong fishing port, dredging the channel to the Cua Hoi – Xuan Pho storm shelter, developing fisheries logistics infrastructure at the Cua Khau – Ky Ha storm shelter, and expanding the Thach Kim fishing port.

To date, three of these four projects have been completed. The Cua Hoi – Xuan Pho project, however, has stalled. Its initial VND20 billion (nearly $766,000) budget was assessed as insufficient to permanently solve the area's chronic siltation issues. According to technical experts, a long-term solution requires the construction of two additional sand-blocking dikes, both upstream and downstream of the channel.

Given these challenges, the Provincial People's Committee is now proposing to tap into the Formosa compensation fund once again. A centerpiece of the new VND570 billion ($21.8 million) package is the expanded Cua Hoi – Xuan Pho project, now budgeted at VND106 billion ($4 million). This new total incorporates the VND20 billion (nearly $766,000) originally allocated under Decision 467.