Vietnam's Vinalines needs US$3.188 BLN for development

Vietnam National Shipping Lines (Vinalines), the largest shipping company in the country, requires around VND51 trillion (over US$3.188 billion) for its development projects in the years to come. The figure was put forth in Vinalines' development plan until 2010 with a vision through 2020, which was recently approved by the Prime Minister.Of the amount, VND33.7 trillion will be spent on developing its fleets, VND13.3 trillion on building infrastructure facilities, and the remainder on purchasing equipment and other projects.Vinalines will build and purchase 73 cargo ships with a combined capacity of 1.85 million tonnes in order to increase total tonnage of its fleets to 2.6 million tonnes by 2010.The company will pour investment into the construction of wharfs at the sea ports of Dinh Vu (Hai Phong city), Cai Lan (Quang Ninh province), Hiep Phuoc (Ho Chi Minh City), Cai Mep and Thi Vai (Ba Ria-Vung Tau province).It also strives to complete the first phase of building of infrastructure facilities for maritime transport services in three key economic regions in a bid to satisfy integration requirements once Vietnam opens its service market.