Vinalines sets high target for ’08

Viet Nam National Shipping Lines plans to invest about US$3bil in development through 2010, Mai Van Phuc, Vinalines' director, said.

The money would mostly be invested in the building and development of its flotilla, the upgrade of seaport infrastructure and the development of transport services, Phuc added. Vinalines is currently building new ships and buying second-hand ones from foreign partners to increase its total ship capacity from 2.1mil tonnes by the end of 2007 to 2.8mil tonnes by the end of 2008, and up to 5mil tonnes by 2010. Current ships will gradually be replaced with more vessels that are modern. Those with 50,000-70,000 tonne capacity will replace ships with a capacity of 25,000-30,000 tonnes. Phuc said that Vinalines would have 11 projects related to seaport infrastructure development in 2008, including Hai Phong's Lach Huyen International Seaport, HCM City's Hiep Phuoc Seaport and the second phase of the Tien Sa seaport project in Da Nang. Regarding Vinalines' biggest seaport infrastructure project in 2008 - the construction of the Van Phong International Ship Container Terminal - Phuc recently confirmed that the project would be launched this June. Vinalines will also invest in upgrading Nha Rong and Khanh Hoi ports in HCM City, along with Song Han port in Da Nang, into tourism seaports with developed cargo storage systems and logistical services. Vinalines plans to diversify its capital mobilization channels, including loans from domestic and foreign financial institutions and loans from the State, building its plans to issue construction and enterprise bonds to the domestic and international markets, as well as towards establishing financial companies.

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