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Vietnamese shipping opens up

Vietnamese shipping opens up

Hanoi: Vietnam has thrown open its maritime transport and services sector to international players through a recent government decree.

The decree issued July 5 permits local and international shippers, carriers, and navigation operators to expand their activities in Vietnam  - one of the fastest emerging markets - with an expected economic growth of 8 percent this year.

It also allows foreign companies to provide a cargo agency, freight forwarding, warehousing, depot, and other services as agreed by Vietnam under WTO or other international maritime treaties.

It permits international investors to own up to 49 percent in shipping joint ventures.

However, in piloting services, foreign ownership is restricted to 49 percent, while the piloting vessels must be Vietnamese-flagged.  [16/07/07]