The Viet Nam National Shipping Lines (Vinalines) is targeting 17 trillion VND (1 billion USD) in earnings this year, a year-on-year increase of 16 percent, the corporation announced last week.
Profit this year is projected at 950 billion VND (60 million USD), a 10% increase over last year.
The corporation plans to diversify and restructure to further mobilize capital for the construction of two major projects in Khanh Hoa province. Smaller projects in Hai Phong, Quang Ninh and Ba Ria-Vung Tau will also be carried out.
Vinalines spent a staggering 630 million USD on 30 new ships last year, a record for the corporation.
Despite the substantial cost involved, Vinalines will buy and build new ships so that the total dead-weight-tonne of its fleet reaches 2.6 million by year-end.
While poor weather and a 30-50% increase in the final price of ships were considered Vinalines biggest hurdles in 2007, other factors are predicted to help the corporation realize this year’s goals.
According to a recent Vinalines report, strong economic growth in Southeast Asia coupled with high demand from China and India present favourable conditions for shipping firms.
Last year, Vinalines earned 14.64 trillion VND while posting a profit of 861 billion VND, respective gains of 26 and 51% over 2006. Such impressive results saw Vinalines contribute 777 billion VND to the State budget last year. (VNA)
Sunday, February 22, 2009
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