Want to be in the loop?
subscribe to
our notification
Business News
QUY NHƠN PORT OPENS TRANSPORT SERVICE ROUTE TO NORTHEAST ASIA
The port of Quy Nhơn launched a direct transport service to Northeast Asia on Wednesday.
Hồ Liên Nam, head of the port’s sales department told Vietnam News Agency that to expand production and business, the port has opened many new transport service routes, including a route from Quy Nhơn port to Northeast Asia, connecting central Việt Nam with South Korea, Japan and China.
Nam said: “The volume of goods between Southeast Asia and Northeast Asia has grown and a direct service route from Quy Nhơn port to these areas holds a lot of potential.”
He said without a direct route, normally 60 per cent of goods from the port, included timber, compressed wood pellets and tapioca starch, as well as high-value items such as frozen fruit, have not been transferred directly.
They must go through Singapore before entering Northeast Asia, extending transportation time, adding shipping costs and reducing the value of specific export items such as fresh fruit.
Nam said: "Therefore, a direct route will solve the above shortcomings and open up ways to exploit a new market for the port."
Nam estimated that the service will transport about 1,400 containers, equivalent to about 17,000-19,000 tonnes of goods each month. The port planned to run the route once a week now and increase to twice a week by the middle of August.
According to the Việt Nam National Shipping Lines (Vinalines), the route was very important and a new development stage for the central region and also for Bình Định Province to develop the market in North Asia by reducing time and transportation costs as well as increasing its competitiveness in the region.
Vinalisnes’ leaders also said: “The route will bring many benefits to import-export enterprises.”
After officially belonging to Vinalines since last June after buying shares from Hợp Thành Mineral Joint Stock Company, Quy Nhơn Port maintained good growth thanks to its petrol and oil supply service, and logistics services.
In the first quarter of 2020, the volume of goods handled through the port reached more than 2.4 million tonnes, up 14 per cent over the same period of 2019. In the same period, the port’s revenue reached VNĐ212 billion (US$9 million), an increase of 18 per cent compared to the same period of 2019.
Source: VNS
Related News
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
NATION URGED TO BUILD ON ECO-IP MODEL
Industrial parks (IPs) involved in an initiative that aims to help push them into the realm of being classed as eco-parks have seen improvements across a string of indicators, according to a review event in Ho Chi Minh City last week.
YEN LU INDUSTRIAL PARK: NEW DESTINATION FOR INVESTORS
Bac Giang is a destination chosen by many domestic and foreign investors thanks to its locational advantages and its most opening and favorable investment policies. Assisted by local authorities, Capella Land Joint Stock Company has effectively invested in industrial zones, especially Yen Lu Industrial Park - a new destination for investors, to contribute to the province’s success in investment attraction.
OPTIMIZING LEGAL AND REGULATORY FRAMEWORKS FOR EFFICIENT PUBLIC INVESTMENT DISBURSEMENT
According to the Ministry of Planning and Investment, a 1% increase in public investment raises GDP by 0.058%, and each VND1 disbursed stimulates an extra VND1.61 from the non-state sector. However, plan implementation often falls short at around 80% annually, despite government efforts.
NATION URGED TO BUILD ON ECO-IP MODEL
For the 2020-2024 project, three IPs were selected for the transformation including Deep C Industrial Zones in the northern city of Haiphong, AMATA City Bien Hoa in the southern province of Dong Nai, and Hiep Phuoc IP in Ho Chi Minh City. Over the last four years, the level of compliance with the international framework on eco-IPs for all pilot complexes has increased in terms of environment, economy, and management.