U.S. maritime shippers
, carriers and port operators will have far-reaching access to Vietnamâ€™s rapidly expanding markets for transportation services
, thanks to a new agreement signed today by U.S. Maritime Administrator Sean T. Connaughton
and Vuong Dinh Lam
, Vietnamâ€™s national maritime administration chairman.
Under the terms of the new agreement, U.S. companies may acquire a controlling 51 percent share in joint venture enterprises, such as partnering arrangements between U.S. and Vietnamese companies. 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
Five years after the Agreement is implemented, U.S. companies will be permitted to establish their own companies and offer a full range of shipping services without having to include a Vietnamese partner.
Prior to the agreement U.S. companies were restricted to minority holdings in Vietnamese companies. The agreement builds upon other Administration initiatives to deepen U.S.-Vietnam economic
relations, including last year's trade agreement between the two countries, Connaughton added.