MarAd, Vietnam sign maritime agreement
U.S. maritime shippers, carriers and port operators will have improved access to Vietnam’s expanding market for transportation services under a deal reached last week.
The U.S. Maritime Administration said American companies are now able to acquire a controlling 51-percent share in joint venture enterprises in Vietnam. The agreement also allows U.S. companies to take a lead role in providing a wide range of maritime services including cargo agency, cargo documentation, cargo management, ocean freight forwarding, storage and warehouse services, and container station and depot services.
The agreement was signed by U.S. Maritime Administrator Sean T. Connaughton and Vuong Dinh Lam, Vietnam’s national maritime administration chairman.
In five years, U.S. companies will be permitted to establish their own companies and offer shipping services without having to include a Vietnamese partner.
Prior to the agreement U.S. companies were restricted to minority holdings in Vietnamese companies.