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PM asks maritime businesses to expedite process of going public

(ThanhnienNews) The government cabinet leader made the statement at a meeting in Hanoi Monday to discuss Vietnam Maritime Corp’s (VMC) development strategy this year. PM Dung stressed the government's action plan to execute a resolution on developing the sea-born economy, focusing on oil exploration, exploitation and processing developing seaports, maritime transport and shipbuilding industry developing the fisheries sector and developing tourism and island economy. The government has set an annual growth target rate of 8.5 percent, Dung said. To reach the target, the maritime industry must reach its annual growth rate of 10 percent. The PM called on VMC to boost development of the national fleet and seaport system, and strive for a capacity of transporting 2.8 million tons of cargo per year by 2015, tapping into the country’s maritime potentials. He emphasized that VMC must give top priority to process of going public this year and bond issues in the near future, a source of finance for investment projects. Joint-ventures and cooperation models were suggested as effective channels to seek other sources of capital. The seaport system and shipping industry have yet to match the country's potential and development pace. VMC has designs on developing into one of the strong maritime groups in the region with a development strategy focusing on maritime transport and seaport services. To date, some of the major industry players from China, Germany, Holland, Korea, Poland, Russia, Singapore and Switzerland have indicated strong interest in Vietnam’s maritime sector. Under the government plan to reform the marine sector through 2010, the industry will build additional deep-water ports in the north, center and south, as well as the Van Phong International Seaport, after completing the upgrade and expansion of 10 major ports. The 10 ports to be upgraded include Cai Lan, Hai Phong, Cua Lo, Da Nang, Nha Trang, Qui Nhon, Saigon, Can Tho, Thi Vai and Dung Quat, several of which are already under construction. In addition, the sector will develop key projects including the Lach Huyen Seaport in the city of Hai Phong, the Lien Chieu Seaport in the central city of Da Nang, and the Cai Mep-Thi Vai Seaport in the southern province of Ba Ria-Vung Tau.