A container ship docked at Cai Mep Gemadept port-Terminal Link in Ba Ria-Vung Tau Province. The development of cargo ships is a part of the sustainable development strategy of Viet Nam’s marine economy.— VNA/VNS Photo The domestic shipping industry needs support from the State to develop Viet Nam’s fleet of cargo ships, according to the Ministry of Transport. The development of cargo ships is part of the strategy to develop Viet Nam’s marine economy by 2030. Therefore, the ministry has proposed the Prime Minister consider and adjust financial mechanisms to support the development of the fleet, including loans with preferential interest rates. Investment in a fleet of ships requires huge and long-term capital, while local enterprises are unlikely to be able to invest in high-quality fleets, according to Deputy Minister of Transport Nguyen Nhat. The shipping companies have received very little financial support from the Government in the past few years to carry out fleet development. Interest rates on bank loans in Viet Nam are from 8-10 per cent per year, higher than interest rates in other countries such as Japan (1-2 per cent), Singapore (3 per cent) and China (4.5 per cent). At the same time, when registering a… Read full this story
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