Newport in venture with Sun Cypress

Sai Gon Newport Co (SNP) and its subsidiaries, Tan Cang Logistics and Stevedoring JSC and Tan Cang Transportation JSC No 2, yesterday signed a contract to set up a joint-stock company that will help cut transport costs for exporters and importers.

The contract with Hong Kong-based Sun Cypress Shipping Co Ltd will establish the Sai Gon Newport – Cypress Joint-Stock Company (NPC), whose activities will include waterway and inland transport, shipping, cargo handling, logistics and customs clearance services.

The company will also offer warehouse leasing, multi-modal international transportation services and seaport operations.

The Vietnamese side has contributed 60 per cent to the NPC and Sun Cypress Shipping Co, a subsidiary of Zim Lines, one of the leading barging operators in Hong Kong, 40 per cent.

According to SNP general director Nguyen Dang Nghiem, the company is scheduled to begin operation in the second quarter of 2010.

Nghiem said in the initial period, NPC would undertake waterway transport in Cambodia and the Mekong Delta to Cai Mep terminals and ports in HCM City.

In the next period, it will expand its transport route from the ports in the north and central Viet Nam to Tan Cang-Cai Mep Sea Port and the ports in the Southern Key Economic Zone.

Tags: Vietnam transportation