Many successful fishermen in Quang Ngai, Da Nang and Quang Nam in Vietnam have had to sell their land, houses, or fishing boats to pay bank debts.
Having gone to the sea since childhood, Do Van Trung, 44, in Phu Trung hamlet in Nghia An commune in Quang Ngai City, is one of the most experienced fishermen in the locality.
In 2018, Trung mortgaged his house to borrow VND5 billion from a bank to buy two fishing boats with total capacity of 1,240 horsepower. The boats were worth VND9 billion.
Owning two large ships, Trung, together with his 15 partners, went to the open sea to catch fish. Each trip to the sea, which lasted 20 days on average, brought him VND150 million.
At first, fishing was very good which allowed Trung to bank debts on schedule. However, he began having difficulties in late 2018 and could not pay his debts. As a result, the bank stopped lending and the fishery was suspended.
Sitting on the fishing boat valued at billions of dong which has been ashore for four years, Trung said he not only borrowed money to buy the two boats but also borrowed VND700 million to buy fuel, essentials and pay partners in advance. When the bank stopped the disbursement, he could not go fishing anymore.
One of his fishing boats is now lying ashore at Tho Quang fishing port in Da Nang, while the other is in Nghia An commune.
Because of difficulties, Trung decided to sell the boats.
“I spent nearly VND10 billion to buy the two boats and equip them with machines. But now the bank assessed their value at just VND200 million. However, despite the low price, the ships have not sold over the last four years,” he said.
His total debts, including principal and interest, have reached VND6 billion.