Port Development
Hyundai Merchant Marine (HMM) announced on July 9 that it signed a memorandum of understanding (MOU) with Saigon Newport Corporation on July 6 in order to work with the company for port development.
The signing ceremony was held at the Cat Lai Terminal located in Ho Chi Minh, Vietnam and attended by more than 30 persons, including Saigon Newport Corporation president Nguyên Đăng Nghiêm and Hyundai Merchant Marine CEO Yoo Chang-keun.
The MOU is expected to lead to a close cooperation between the two companies in projects covering freight logistics facilities in Vietnam such as port terminals and container depots. At present, Hyundai Merchant Marine is running four marine transportation routes between South Korea and Vietnam, The number is expected to increase based on the MOU.
“Our shipment to and from Vietnam is estimated to show a year-on-year growth of 50% this year,” said the Hyundai Merchant Marine CEO, adding, “We will continue to make efforts so that the MOU can be a boost to our international business.”