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Marine transport needs risk management
The increased use of marine transport for foreign trade highlights the need for risk management, according to experts.
"Marine activities can never be free of risk whether these activities involve exposure to the elements in the oceans or in congested ports and rivers," said Terence Anderson, general director of the US general insurance company AIG Vietnam.
"For enterprises engaged in marine-related operations, beside infrastructure development and staff training, risk management is one of the important tools to ensure that legal liabilities are properly protected," he said.
Anderson spoke at a seminar on Monday on marine transport liability to more than 100 representatives of companies involved in ports, logistics, shipping, shipbuilding and repairing, import and export.
According to Viet Nam’s Marine Administration, the total amount of cargo transported via seaports in the year’s first half went up 22 per cent, twice the rate of the previous year.
Sea transport represented 80-90 per cent of the country’s import and export volumes.
In the first half of the year, Viet Nam exported around US$30 billion, up 32 per cent over the same period in 2007, and the set target for the whole year is $61 billion.
Meanwhile, the country’s imported goods were worth over $44 billion during the period.
To manage risks that might occur, businesses should look to insurance services including cargo in transit, liability insurance for wharfingers, and port authorities, shipbuilders and repairers, said Catherine Mangan, vice president of AIG Southeast Asia.The seminar was organised by the Viet Nam Chamber of Commerce and Industry in co-ordination with AIG Vietnam.
VNS
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