Vietnam’s Commercial Fleet Needs USD 2 Billion Upgrade

Vietnam's Fleet in Need of Multi-Billion Dollar Upgrade

Vietnam needs to find at least USD 2 billion in the next five years to modernise its fleet of commercial vessels, the country’s daily Vietnam News quoted Vietnam Maritime Administration Deputy Head Bui Thien Thu as saying.

However, the multi-billion dollar investment cannot be financed from the already stretched state budget, Thu said, hinting at a possibility for the domestic and foreign private sectors to invest in the country’s proposed maritime restructuring project 2020.

”We can invite foreign organisations, businesses, and individuals to make capital investments,” Thu was quoted as saying by Vietnam News.

“If we allow foreign investors to contribute capital rate up to 49 per cent, we will attract many sources of foreign capital to take part in the country’s sea transport operation.” 

Thu pointed out that although the country has 1,800 vessels, these are mostly small-tonnage ships, and the number of cargo ships and oil tankers is minimal. The fleet’s average age of 18 years is another issue, Thu pointed out.

Given all of the above, the Vietnamese commercial fleet faces fierce competition from numerous younger and better equipped foreign fleets.

As it stands, domestic ships cover just 10-12% of the country’s export-import share.

World Maritime News Staff



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