South Korean shipping company Hyundai Merchant Marine (HMM) has signed a memorandum of understanding (MOU) with terminal operator Saigon Newport Corporation (SNP) for joint cooperation on port development in Vietnam.
The signing ceremony took place at Cat Lai Terminal in Ho Chi Minh City, Vietnam, on July 6.
Both parties intend to develop port and container depot facilities in Vietnam, sharing the consensus of exchanging various know-hows in port development and shipping.
“We are well aware of the importance of Vietnam in a global logistics market. HMM’s volumes in Vietnam will increase over 50% from last year due to the rapid growth of emerging market,” Yoo Chang-Keun, HMM CEO, commented.
“This MOU will be an opportunity for both HMM and SNP to strengthen the partnership and expand the scope of cooperation, not only in Vietnam but also on a global scale,” Chang-Keun added.
HMM currently operates four services that connect Korea and Vietnam (Ho Chi Minh City / Haiphong).