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HMM inks port development pact with Saigon Newport Corp

HMM inks port development pact with Saigon Newport Corp
South Korea’s Hyundai Merchant Marine (HMM) has signed a memorandum of understanding (MOU) with Saigon Newport Corporation (SNP) on developing port and container depot facilities in Vietnam.

HMM and SNP have agreed to share and exchange know-hows in port development and shipping, as they penned the MOU at Cat Lai Terminal located in Ho Chi Minh City.

“We are well aware of the importance of Vietnam in a global logistics market, and HMM’s volumes in Vietnam will increase over 50% from last year due to the rapid growth of the emerging market,” said Yoo Chang-Keun, ceo of HMM.

At present, HMM operates four services that connects South Korea and the Vietnamese ports of Ho Chi Minh City and Haiphong.

Container carrier HMM has been beefing up its terminal operations business, as it also took over Hanjin Shipping’s 20% stake at Total Terminals International at US Long Beach, and acquired three of its other terminals in Tokyo, Kaohsiung and Algeciras.