NYK Enters Tugboat Business at Largest Port in Vietnam
Entering to an emerging market by investing to a foreign tugboat company
Jul. 16, 2020
NYK Line (Vietnam) Co. Ltd. has acquired 15% of total issued shares of Thoresen Vinama Tug Co. Ltd. (TVT hereunder) and entered the tugboat business at Phu My and Cai Mep ports in Vietnam.
TVT has two tugboats providing tugboat services at Phu My and Cai Mep ports, located in the suburbs of Ho Chi Minh and the largest ports in the nation in terms of import/export cargo and inbound/outbound vessels.
NYK made this investment decision after considering the tugboat business in Vietnam, a country that has achieved remarkable economic growth in recent years, and recognizing that the tugboat sector is primed for future growth.
In accordance with its medium-term management plan "Staying Ahead 2022 with Digitalization and Green," the NYK Group seeks to strategically invest in growth industries and emerging markets and strengthen the group's management resources.
Outline of TVT
Name: Thoresen Vinama Tug Co., Ltd.
Establishment: January 2019
Business: tugboat services
Fleet: two tugboats
Locations of Cai Mep and Phu My ports and Ho Chi Minh
Map by NYK Group.
The NYK Group is dedicated to achieving the SDGs through the group's business activities and its medium-term management plan "Staying Ahead 2022 with Digitalization and Green," and this investment will contribute to the below goals.
NYK Group, press release