Hanoi: Vietnam is changing its maritime laws, introducing a new decree that will make it more difficult to enter the shipping business. Decree 30 recently promulgated comes into effect on July 1 this year, replacing a seven-year old law.
With an eye to the financial shambles that has hit the local shipping scene in the past six years, both domestic and international shipping players must pay substantially more to obtain a shipping licence from July – VND20bn for international shipping and VND5bn for domestic shipping.
Also outlined under the new decree are changes for those in the ship agency and towage business. Licences for these businesses will only be given to joint venture companies between foreign and local parties in which the ratio of equity owned by the foreign party or parties must not exceed 49% of the joint venture charter capital.
Businesses which have been licensed to carry out shipping transportation, agent and towage businesses can continue with their business but must satisfy all the conditions provided for by Decree 30 within five years from July this year. [02/05/14]