Approximately 1.5 billion USD is needed to build new ships, purchase old ones, and rent and buy containers for Viet Nam’s container vessel fleet, according to the Viet Nam Logistics Business Association (VLA).

Illustrative photo (Source: VNA)

The VLA said over the next three to five years, it will focus on investing in ships for inner Asian shipping routes to China, the Republic of Korea, Japan, Malaysia, India, Singapore and the Middle East.  

Ngo Khac Le, deputy general secretary of the VLA, suggested the mobilisation of mainly private investment combined with support measures from the Government.

In addition, the VLA recommended ministries, sectors and localities cooperate with enterprises involved in mechanics, iron and steel, textiles, footwear, furniture, seafood and general food goods.

Trading goods in large volumes for the fleet should be promoted, with import-export businesses using these transport services granted certain incentives, it said.

It also highlighted the important role of many ministries, including the Ministry of Industry and Trade, Ministry of Finance, Ministry of Transport, and Ministry of Foreign Affairs, in coordination for helping the shipping industry find investment capital and international cooperation, and access suitable mechanisms and policies.

According to the VLA, to attract Vietnamese crewmen to work on ships, the State should implement policies to encourage their training and exempt them from personal income tax, while allowing the hiring of foreign crew members to work on Vietnamese flagged ships.

Source: VNA