NYK expansion benefits Vietnamese yards

NYK Lines of Japan plans to invest $200 million over the next five years on a number of shipping and logistics projects in Viet Nam in a bid to tap what it described as one of the region?s most promising emerging transportation markets. The Tokyo-based logistics firm said investment projects would include building terminal and harbour facilities, the purchase of Vietnamese-made vessels and an upgrade of Cai Mep-Thi Vai port.

“We signed $20 million contracts to buy two 9,000 tonne-capacity vessels from the Pha Rung Shipbuilding Company, and we plan to spend an additional $50 million on more Vietnamese-built ships,” said NYK Group?s president, Koji Miyahara. He added his company plans to invest $80 million on several locally-built oil tankers within the next three years to meet the increasing demand for the transportation of oil in Viet Nam.

Miyahara added his company was now recruiting 180 Vietnamese sailors to staff its fleets worldwide, and planned to hire an additional 320 seamen in the near future.