Hanoi says $2bn must be spent on national fleet in next 5 years

Hanoi says $2bn must be spent on national fleet in next 5 years

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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