Japan's NYK to Invest US$200Mln in Vietnam

Nippon Yusen Kaisha (NYK), one of the leading shipping and logistics groups in Japan, has announced that it would inject at least US$200 million into Vietnam in the next five years on a number of shipping and logistics projects, State media quoted the NYK Chairman, Koji Miyahara as saying during his visit to Vietnam on March 23-24.

 

NYK’s investment is aimed to tap what it described as one of the region’s most promising emerging transportation markets, it said.

 

The Tokyo-based firm said investment projects would include building terminal and harbor facilities, the purchase of Vietnamese-made vessels and the upgrade of Cai Mep-Thi Vai Port near Ho Chi Minh City, the largest commercial hub in Vietnam.

 

NYK signed contracts worth US$20 million to buy two 9,000-DWT vessels from Haiphong City-based Pha Rung Shipyard and plans to spend an additional US$50 million on more Vietnamese-made ships," Mr. Koji Miyahara said.

 

NYK also plans to invest US$80 million on several locally-built oil tankers within the next three years to meet the increasing demand for the transportation of oil in Vietnam, Miyahara said, adding that local shipyards offered competitively-priced vessels which were well-known in international markets.

 

NYK will invest in building and upgrading harbor facilities in Vietnamese seaports, including Cai Mep, enable the country to handle much larger vessels, he said.

 

NYK is now recruiting 180 Vietnamese sailors to staff its fleets worldwide and plans to hire an addition 320 seamen in the near future, the chairman revealed.