According to Dr. Minh, Vietnam should promote foreign investment in this area in order to help the industry overcome the current difficulties. 

The knots

The state and local governments have implemented many policies to stabilize the lives of fishermen but the marine exploring industry has not had many positive changes. 

The first difficulty is the continuous escalation of fuel price. The second difficulty is capital. With current modest capital, the fisheries sector is in shortage of fishing grounds when offshore fishing activities are not supplied with necessary infrastructure. Other difficulties consist of the lack of modern technology and equipment for seacooking maintenance and processing.

Most recently, the Vietnam Shipbuilding Industry Group (Vinashin) presented its iron ship project for fishermen in Quang Ngai province. However, contrary to the hope that this is a "life changing" project for fishermen in terms of equipment, most of the fishermen are not interested in the project. The reason is the towering high price for an iron fishing boat. With VND3 billion ($150,000), fishermen can buy a timber ship of 700 - 800CV while the price for an iron ship of 400 CV is up to VND5-7 billion.

China’s policy in the East Sea has also affected Vietnamese fishermen’s operation. Some Vietnamese fishing boats were seized by Chinese boats while they were catching fish in Vietnam’s waters. Their fishing tools were also confiscated and they had to pay a lot of money to take back their equipment and their ship. Most recently, a Vietnamese fishing boat was shot by Chinese ships.
 
Attracting FDI: killing two birds by one stone…

Internally, Vietnam has to conduct synchronized solutions to solve difficulties for the marine exploring industry, such as lowering interest rates, providing technical information for fishermen, setting up marine exploring interest group model under the management of the state to increase fishermen’s self-defense in the sea. 

However, the attraction of foreign investment is considered a trendy solution that can rescue the sea mining policy.

In fact, Thailand had invested in Vietnam's sea mining. However, because of poor management, false ships were rampant and Thailand’s investment project stopped.

In the current context, drawing foreign investment in the sea mining industry can solve two problems that are the headache of the state and fishermen.

First, along with the inflow of FDI, modern infrastructure, science and technology, fishing facilities, storage facilities, processing technology and management mechanisms will also come. That is not to mention the economic benefits the country earns from FDI.

Second, when the foreign elements, notably Russia and the U.S., invest in Vietnam's sea mining, it means their benefits are associated with Vietnam’s fishing ground. The East Sea issue will not be a matter of Vietnam or the Philippines but also the interests of other countries. 

Some people may worry that foreign investors will make Vietnam’s fishing ground "exhausted." Vietnam can completely control it through agreements or contracts.

Vietnamnet