New Transportation market report from Business Monitor International: "Vietnam Shipping Report Q1 2014"
Boston, MA -- (SBWIRE) -- 12/11/2013 -- There are signs that the Vietnamese economy is on the right track with latest data published by the General Statistics Office (GSO) released in October 2013 showing that the Vietnamese economy expanded by 5.1% in the first nine months of the year, closely in line with our forecast for real GDP growth to come in at 5.3% for 2013. Heading into 2014, the country's shipping sector looks in decent shape too, with healthy growth expected both in terms of tonnage and box throughput at the country's two major ports.
However, we believe that tight credit conditions, due to the lack of progress in resolving the country's banking sector woes, will keep Vietnam's economic growth subdued over the coming quarters. Overall, we are happy to maintain our forecast for real GDP growth to come in at 5.3% and 6.0% for 2013 and 2014, respectively.
The Port of Ho Chi Minh City is comfortably Vietnam's outperformer in terms of total tonnage throughput, but it is the Port of Da Nang that will see the largest year-on-year (y-o-y) growth this year (7.00% compared with a forecast 6.06% at Ho Chi Minh City).
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Headline Industry Data
- 2014 tonnage throughput at the Port of Ho Chi Minh City is forecast to grow 6.06% to 41.22mn tonnes.
- 2014 tonnage throughput at the Port of Da Nang is forecast to increase 7.00% to 5.15mn tonnes.
- 2014 container throughput at the Port of Ho Chi Minh City is forecast to rise 10.0% to 4.22mn twenty-foot equivalent units (TEUs).
- 2014 container throughput at the Port of Da Nang is forecast to increase 9.43% to 173,000TEUs.
- 2014 total trade real growth is forecast to increase 5.30%
Key Industry Trends
Vinashinlines Completes Sale Of 90% Of Fleet - Vietnamese shipping company Vinashinlines announced in October that a huge 90% of its vessels, including Diamond Way and Sea Eagle, have now been sold, adding that a number of the carriers had been purchased for prices above their original valuation, Hellenic Shipping News reported. Vinashinlines' bankrupt parent company Vinalines has revealed plans to reduce it operations, after reaching agreements with crediting organisations and assessing industry demand.
Vinashin To Axe 14,000 Employees - Vietnam Shipbuilding Industry Group (Vinashin) is to dismiss some 14,000 of its workforce by the end of 2013 as it seeks to restructure its operations following years of trouble for the company, which was established in 2005 after the merger of 200-odd shipping companies. The company plans to retain around 8,000 positions at the end of its restructuring process from more than 26,000 employees at present. However, Vinashin did not disclose any details regarding what it will do with more than 4,000 current workers unaccounted for or when the restructuring is concluded.
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