Asia

Vietnam shipping market set for consolidation

Hong Kong: One of the leading experts on Vietnamese shipping has warned the sector is set to shrink. Richard Macnamara, director of West of England P&I Club’s Hong Kong office told SeaShip News: “Shipping in Vietnam is set to consolidate.” The club is the lead one in Vietnam, enjoying an 80% market share. West of England enjoyed a monopoly of the Vietnam market from 1979 to the late 1990s, and has remained the dominant player in the Southeast Asian nation. “The government is working out how to restructure billions of debts for Vinashin and Vinalines,” Macnamara added.  [01/03/13]

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