State-run Vietnam Shipping Lines, or Vinalines, has formally launched its first container cargo service for the Vietnam-Hong Kong route, part of its long-term strategy to expand business abroad.
A Vinalines spokesperson said the huge volume of goods shipped to Japan and the US from China and Vietnam via the Hong Kong port prompted the company’s decision to open the route, the first step in developing the market.
The shipping group is set to diversify into one of the leading marine groups in Southeast Asia by 2010 with revenue targets of more than VND20 trillion (US$1.2 billion) and VND50 trillion ($3.1 billion) by 2020.
It plans to raise VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.
Vinalines would continue to invest in building new seaports in Dinh Vu, off the northern port city of Hai Phong; Hiep Phuoc in the southern Ho Chi Minh City; Cai Mep - Thi Vai in the southern Ba Ria – Vung Tau Province.
Vinalines has entered into a cooperative deal with state-run giant PetroVietnam to develop a port complex in the Ba Ria – Vung Tau Province.
The two companies are to develop Ben Dinh - Sao Mai port into a complex supplying oil and gas services, shipyards, oil platform assembly facilities, container handling services and a petroleum depot.
The two parties will work together to export crude oil and gas.
They also will consider shares exchanges and investment in each other’s affiliate companies.
The company has targeted an average cargo capacity of between 50 - 55 million tons at each of its ports by 2010.
Vinalines is also looking to develop the Van Phong port in the central Khanh Hoa Province into a modern international entrepot.
The first phase of building plans for logistical and maritime services nationwide is set for completion in 2010.
The company has worked out plans to develop its operations into finance, banking, insurance, securities, electricity, infrastructure construction, real estate and tourism.
This year it targeted to transport 24.8 million tons of cargo – a year-on-year jump of 8 percent, a record revenue of VND12 trillion ($750 million).
The company plans to purchase 29 more vessels with total capacity of 692,000 DWT (dead-weight-tons).
Vinalines has held talks with domestic and foreign banks such as City Group, Credit Suisse, Deutsch Bank and Mizuho to secure credit for its planned projects.
Last year, it recorded a cargo volume of 23 million tons, earning the company a record annual revenue of VND11 trillion ($688 million), bringing in profits of VND551 billion ($34.4 million).
The corporation master plan had mobilized and spent out $900 million to develop its fleet between 2002-06.
More than half of the sum was invested in fleet expansion to meet 80 percent of domestic cargo demand and 20 percent for exported goods.
The rest was pumped into upgrading container ports and deep sea water ports in the northern, central and southern areas.
A Vinalines spokesperson said the huge volume of goods shipped to Japan and the US from China and Vietnam via the Hong Kong port prompted the company’s decision to open the route, the first step in developing the market.
The shipping group is set to diversify into one of the leading marine groups in Southeast Asia by 2010 with revenue targets of more than VND20 trillion (US$1.2 billion) and VND50 trillion ($3.1 billion) by 2020.
It plans to raise VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.
Vinalines would continue to invest in building new seaports in Dinh Vu, off the northern port city of Hai Phong; Hiep Phuoc in the southern Ho Chi Minh City; Cai Mep - Thi Vai in the southern Ba Ria – Vung Tau Province.
Vinalines has entered into a cooperative deal with state-run giant PetroVietnam to develop a port complex in the Ba Ria – Vung Tau Province.
The two companies are to develop Ben Dinh - Sao Mai port into a complex supplying oil and gas services, shipyards, oil platform assembly facilities, container handling services and a petroleum depot.
The two parties will work together to export crude oil and gas.
They also will consider shares exchanges and investment in each other’s affiliate companies.
The company has targeted an average cargo capacity of between 50 - 55 million tons at each of its ports by 2010.
Vinalines is also looking to develop the Van Phong port in the central Khanh Hoa Province into a modern international entrepot.
The first phase of building plans for logistical and maritime services nationwide is set for completion in 2010.
The company has worked out plans to develop its operations into finance, banking, insurance, securities, electricity, infrastructure construction, real estate and tourism.
This year it targeted to transport 24.8 million tons of cargo – a year-on-year jump of 8 percent, a record revenue of VND12 trillion ($750 million).
The company plans to purchase 29 more vessels with total capacity of 692,000 DWT (dead-weight-tons).
Vinalines has held talks with domestic and foreign banks such as City Group, Credit Suisse, Deutsch Bank and Mizuho to secure credit for its planned projects.
Last year, it recorded a cargo volume of 23 million tons, earning the company a record annual revenue of VND11 trillion ($688 million), bringing in profits of VND551 billion ($34.4 million).
The corporation master plan had mobilized and spent out $900 million to develop its fleet between 2002-06.
More than half of the sum was invested in fleet expansion to meet 80 percent of domestic cargo demand and 20 percent for exported goods.
The rest was pumped into upgrading container ports and deep sea water ports in the northern, central and southern areas.