Gemadept Sets Up Joint Venture with Hyundai
General Forwarding and Agency Corporation, or Gemadept, has teamed up with Marine Merchant Hyundai to set up a joint venture, Vietnam Marine Merchant Hyundai Co.
The new company, located in Ho Chi Minh City, has a registered capital of $300,000, in which Gemadept contributes 49 per cent capital and Hyundai 51 per cent.
The company specializes in selling and marketing merchant marine service through direct transaction with customers, representing for shop owner, supplying business information, preparing documents related marine voucher and providing sea marine services.
Recently, Gamedept’s shareholder meeting has decided to issue extra 24.5 million shares, increasing its registered capital up VND720 billion in Jul-Dec or in the first quarter of 2008.
In the first quarter of 2007, GMD obtained revenues of VND216.49 billion, and pretax profit gained VND55.11 billion.
The company’s after-tax profit grossed VND169 billion in 2006. (VSE, Vietnam Economic Times)
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