The Vietnam Container Shipping Corporation (Viconship, ticker VSC) has decided to invest 60% of capital to establish Hai An Green Shipping Lines, while Hai An Transport and Cargo Handling Corporation (ticker HAH) contributes 40%. The joint venture has a charter capital of VND 1 trillion, aimed at building large ocean freight ships and expanding international shipping routes. The total investment for the project is expected to be around USD 180 million, starting with the construction of a pair of 7000 TEUs ships. The goal is to expand the fleet and enhance the competitiveness of both companies. Viconship is one of the major port companies in Hai Phong, while Hai An owns a cargo transport fleet. The two will collaborate to optimize operations and support each other in market share expansion. Currently, Hai An operates 6 ships per week and is expected to increase to 9-10 for international routes, requiring a larger port system. Both sides have reached an agreement on freight rates to maintain fair competition.
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