News Releases in 2006
November 8, 2006
Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-ku, Tokyo; President: Koji Miyahara) recently received formal approval from the Vietnamese government for the establishment of NYK Line (Vietnam) Co. Ltd., a joint venture between NYK and the VOSA Group of Companies, a maritime transport agency in Vietnam.
Since establishing an office in Saigon (currently known as Ho Chi Minh City) in 1969, NYK has expanded its range of cargo transports to Vietnam to include containers, wood chips, coal, plants, and the like. In 1994, NYK became the first Japanese shipping company to launch a direct liner service from Japan to Ho Chi Minh City. In 2004, NYK became the first shipping company to provide a direct international liner service to the port of Cai Lan in northern Vietnam. NYK carries more than 130,000 TEUs to Vietnam each year and is currently the only Japanese shipping company that provides direct liner services from Japan to the ports of both Cai Lan and Ho Chi Minh City. Additionally, NYK offers buyers consolidation services* for customers in North America and Europe and import and export forwarding services for customers expanding business activities in Vietnam.
NYK is also currently playing an active role in the education and training of future Vietnamese seafarers by sponsoring scholarships and offering onboard training to select students from Vietnam Maritime University.
To be able to respond to anticipated growth resulting from Vietnam's accession into the WTO, NYK continues to expand its presence in Vietnam. The company currently plans to participate in a new port terminal project, establish a comprehensive logistics service network, and increase the number of Vietnamese crew members from the current number of around 180.
<Company Outline>
| Name | NYK Line (Vietnam) Co. Ltd. |
|---|---|
| Equity holders | NYK 51%, VOSA Group of Companies 49% |
| Date of approval | October 24, 2006 |
| Capital | US$400,000 |
| Representative | Toru Honma (currently working in Ho Chi Minh City) |
| Head office | Ho Chi Minh City, Vietnam |
| Opening | January 2007 (scheduled) |
*Buyers Consolidation Service
This service, provided by logistic companies, manages the entire process by which major European and U.S. retailers (buyers) purchase various goods from multiple manufacturers (vendors), including those in China.
