State-run Vietnam National Shipping Lines (Vinalines) has asked for preferential policies from the Vietnamese government to help domestic shipping firms overcome financial difficulties.

Vinalines urged the government to direct banks and credit institutions to extend its debt limit and reduce its loan interest rates to help the financially strapped carrier carry out a restructuring plan approved early this year, according to a recent report published on the Vietnam Seaports Association’s website.

The shipping line has reportedly restructured a debt of US$374 million with a development bank and $972 million with other credit institutions.

It also requested for a reduction in state taxes on ships, including value-added taxes and import taxes, and an exemption from the 10 percent value-added tax for shipbuilding projects that are designed for international maritime transport.

At the same time, it called for a reduction of taxes and fees at the country’s seaports until the maritime transport market has recovered.

Vinalines also proposed that the Vietnam Social Insurance Corporation allow shipping companies to delay paying debts for social insurance, health insurance, and unemployment insurance incurred in 2012 and the preceding years.

“In the context of the world economy’s degradation, most ship owners have been suffering large losses. If there is no support from the Government, many companies will become bankrupt and incapable of refunding the banks,” said Vinalines in a report sent to state authorities.

 

Photo: alq666

 

You May Also Like

ICAO conference recommends new aviation security and anti-terrorism measures

A series of new agreements and recommendations to ensure the security of global air transport operations has been drafted by the world’s most prominent…

Indonesia relaxes FDI restrictions under 10th economic package

The Indonesian government has released its 10th economic policy package designed to boost investment by removing the foreign ownership limit on 35 industrial sectors,…

Though struggling, Asia-North America airfreight still growing, says report

For all the woes besetting the air cargo industry this year, WorldACD data indicates that certain groups of airlines and certain markets have been…

Cargo community lists top qualities of incoming PH chief executive

The next President of the Republic must have political will and a clear long-term vision for the country, according to cargo transport industry executives.…