News
The Vietnamese government has announced Decree No. 30/2014 titled ''Decree on Conditions for Sea Shipping and Sea Shipping Support Service Business'' which provides conditions for sea shipping service business including shipping agency services, towage assistance services.
Under the new law, persons who are engaged in sea shipping business in Vietnam will have to establish enterprises for sea shipping business and will only be entitled to conduct sea shipping business after having been granted with licenses for sea shipping business from the nation's Marine Bureau.
Moreover, a maritime transportation company will be required to have capitals and other assets of at least VND20 billion for international sea shipping business and VND5 million for inland sea shipping business.
Foreign organizations, individuals are allowed to establish joint venture enterprises to provide sea shipping agency service, in which the percentage of capital contribution of foreign investors must not exceed 49% of the charter capital of joint venture enterprises.
This Decree will take effect on July 1, 2014 and replace Decree No.115/2007/ND-CP dated July 5, 2007 of the Government on conditions for sea shipping service business.
