Vietnam Shipping Lines starts service to Hong Kong
Vietnam Shipping Lines (Vinalines) has started its first-ever container service between Vietnam and Hong Kong as part of a wider strategy to increase its international business, reports Thanh Nien Daily.
The state-run company aims to become one of the leading marine groups in Southeast Asia by 2010 with revenue targets of more than VND20 trillion ($1.2 billion) and VND50 trillion ($3.1 billion) by 2020. Last year, Vinalines recorded cargo volume of 23 million tons, bringing annual revenue of VND11 trillion ($688 million).
To facilitate its growth, Vinalines is speaking with a number of domestic and foreign banks to provide VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.