Hanoi: Vietnam’s ageing fleet needs at least $2bn spent on it by 2020 the deputy head of the country’s maritime administration, Bui Thien, has said.
The Ministry of Transport has approved a dramatic national fleet renewal programme and is courting foreign private investment to help get make its fleet more modern.
“Our domestic fleet is weak. We have more than 1,800 vessels; however, most of them are small-tonnage vessels and the number of cargo ships and oil tankers is minimal,” Bui told local media.
There are around 600 Vietnamese shipowners, with the vast majority single ship owners. The average age of the fleet is approaching 18 years, something Hanoi wants to cut down to 10. Domestic shipowners still only carry 10-12% of all imports and exports into and out of Vietnam, Bui said.