NYK Takes 100% Share in Vietnamese Subsidiary
- Business & Finance
Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) has become the sole owner of its Vietnam-based subsidiary – NYK Line (Vietnam) Co. Ltd.
Back in November 2006, NYK Line (Vietnam) Co. Ltd. was established as a joint-venture maritime transport agency between NYK and Vietnam’s VOSA Group of Companies.
NYK initially had 51% of equity shares in the company, with VOSA controlling the remaining 49%.
NYK recently purchased VOSA’s shares, and the Vietnamese government approved the application for NYK Line (Vietnam) Co. Ltd. to become a wholly owned subsidiary of NYK.
NYK carries about 300,000 TEUs to and from Vietnam annually through 12 direct liner services. NYK also serves the country with bulk shipping services, transporting cargo such as coal, wood chips, and industrial plant facilities.