Gyeongnam Province in South Korea is taking steps to enhance the structure of its coastal fisheries and recover marine resources by expanding its program for reducing coastal fishing vessels. As announced on the 25th, the province has secured a budget of approximately 22.5 billion KRW to undertake this significant reduction of its coastal fleet starting this year. Applications from fishermen willing to participate in the vessel reduction scheme will be accepted until next month, marking a critical policy aimed at regulating fishing vessel numbers to alleviate competition and promote sustainable use of aquatic resources.

This year, the plan is to reduce 225 coastal vessels, which will require an average investment of about 100 million KRW per vessel. Gyeongnam Province has been implementing a vessel reduction initiative since 1995, having reduced a total of 7,197 vessels up until last year, with an investment of 8.6 billion KRW to remove 101 vessels last year alone. The budget for this year represents a 2.6 times increase compared to last year, and the number of vessels to be reduced is 2.2 times greater. Currently, there are over 13,000 coastal fishing vessels operating primarily in Tongyeong City, and the province anticipates that after the planned reductions over the next five years, the fleet will shrink to around 11,000 vessels.

To qualify for the reduction assistance, the fishermen must own the vessels for at least three years and they must be over six years of age. Those participating will receive financial compensation based on their vessel type and tonnage, while crew members on the scrapped vessels will receive living stabilization funds for up to six months. Should this reduction proceed as planned, it is expected to decrease competition among fishing operations, stabilize catch volumes as coastal marine resources recover, and lower operational costs such as fuel and expense. Concurrently, the Ministry of Oceans and Fisheries aims to modernize and upgrade the fleet to ensure the sustainability of coastal fishing efforts. Gyeongnam's Fisheries Administrative Head, Baek Chang-hyun, stated the province would reinforce its policies for resource recovery and management to make sure the effects are apparent in the field, noting that details may vary by region, and fishermen should check the specific announcements in their respective areas.