This study is aimed at evaluating the effectiveness of vessel buyback program implemented last during a 10-year period using a bioeconomic model. An aggregate fisheries stock is assessed by the surplus-production model and a standardized aggregate harvest function is used in the bioeconomic model. The simulation results indicate that the fisheries stocks are still in the declining trend and more vessels must be decommissioned. In order to help government policymakers in planning a new vessel buyback program, three alternative buyback policies are additionally simulated. Each policy's biological and economic impacts projects projected over a 25-year period are analyzed and compared one another.