Japanese transportation company NYK has recently been granted formal permission from the Vietnamese government to set up NYK Line (Vietnam) Co., Ltd.The new company is a joint venture between NYK and Vietnam-based maritime transport agency, the VOSA Group of Companies. NYK has a 51 per cent share in the JV, while VOSA holds the remaining 49 per cent stake, an NKY statement said. The new company has a registered capital of US$400,000 and will be headquartered in Ho Chi Minh City. It is scheduled to open in January 2007.
NYK said it plans to continue expanding its presence in Vietnam, in a bid to seize business opportunities that are expected to arise from anticipated growth in Vietnam's foreign trade following the Southeast Asian nation's accession into the WTO.
Currently projects in the pipeline include NYK's plans to participate in a new port terminal project, establish a comprehensive logistics service network, and increase the number of Vietnamese crew members employed on NYK's fleet of vessels to around 180. NYK first established a Vietnam office in Ho Chi Minh City in 1969. Nowadays the shipping line carries more than 130,000 TEU to Vietnam each year. The company release added that it is now the only Japanese shipping company that provides direct liner services from Japan to the Vietnamese ports of Cai Lan and Ho Chi Minh City.
Currently projects in the pipeline include NYK's plans to participate in a new port terminal project, establish a comprehensive logistics service network, and increase the number of Vietnamese crew members employed on NYK's fleet of vessels to around 180. NYK first established a Vietnam office in Ho Chi Minh City in 1969. Nowadays the shipping line carries more than 130,000 TEU to Vietnam each year. The company release added that it is now the only Japanese shipping company that provides direct liner services from Japan to the Vietnamese ports of Cai Lan and Ho Chi Minh City.