Hyundai Merchant to develop Vietnam port facilities

SEOUL, July 9 (Yonhap) -- Hyundai Merchant Marine Co., South Korea's biggest shipping line by sales, said Sunday it will work with a Vietnamese company on a port development project in the Southeast Asian country.

Hyundai Merchant Marine signed an initial agreement with Saigon NewPort to jointly develop and operate port terminals and other logistics facilities, the company said in a statement.

"Vietnam is a strategically important market (for shipping lines). This year, Hyundai Merchant's shipping volume to Vietnam is likely to jump more than 50 percent compared with last year due to rising demand in emerging markets," Hyundai Merchant CEO Yoo Chang-keun said in the signing ceremony held in Ho Chi Minh City.

Hyundai Merchant currently operates four routes to Ho Chi Minh City and Hai Phong.

kyongae.choi@yna.co.kr
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