Mitsui set to follow in Maersk’s wake

July 24, 2006 | 17:39

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Japan’s Mitsui O.S.K. Lines becomes the second foreign shipping provider to win a licence to operate as a wholly-foreign-owned company in Vietnam after Danish shipping logistics firm Maersk A/S.

The move will help lift Vietnam’s shipping industry

Mitsui outbid two other Japanese companies to become the first Asian shipping company with the coveted status. The move is a part of Vietnam’s larger commitments for WTO membership.
“We were waiting for a long time due to many procedures,” Tokinao Hojo, Mitsui O.S.K. Lines deputy chairman, told Vietnam Investment Review.
Under an agreement in November 2005 in which Japan supports Vietnam in its WTO bid, Vietnam had to open its market to Japanese shipping companies to ultimately select one for foreign-owned status. This stipulation is similar to a market access agreement signed between Vietnam and the EU, which brought in Maersk two years ago.
Hojo said the situation was different for Mitsui O.S.K. Lines.
“When asked by the Vietnam government, the EU could select one shipping company for actualising the stipulation, whereas the Japanese government could not,” he said.
“Then the Vietnam government has had to select from the three Japanese applicants. This process takes time,” he added.
It took Maersk five months to receive the investment licence, about half the waiting time of Mitsui.
Hojo said the new venture would officially start operations in October this year and would cater to increasing Japanese investment in Vietnam as well as serve domestic and international businesses demanding high quality logistics and shipping.
“We know many Japanese investors are facing logistic and infrastructure problems,” he said.
“Our investment licence also includes the logistic business and we hope to contribute to logistic development in Vietnam. Japanese companies will find it easier to come to Vietnam,” he said.
Hojo also said the foreign-owned venture would help Mitsui add more services to satisfy Vietnam’s

No. 771/July 24-30, 2006

By Le Minh

vir.com.vn

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