The Prime Minister has asked ministries and Government agencies to support maritime shipping firms.
An increasingly larger quantity of imported scrap has overloaded several seaports in Ho Chi Minh City, which has become an ‘alternative destination’ for the waste dumping after China ceased buying it earlier this year.
Experts have warned that some Vietnamese shipping firms, incurring big debts, will soon follow Hanjin and file for bankruptcy. At least two – Vinashinlines and Falcon – have been following procedures to declare bankruptcy.
The bankruptcy of Hanjin Shipping Global has surprised the world’s freight & forwarding market and caused alarm among Vietnamese goods owners.
Since Vietnamese shipping firms have not made appropriate investments to develop container fleets, they have had to concede the container transport market to foreigners.
Many banks cannot collect debts from shipping firms, which have been taking losses for several years.