A military-owned shipbuilding company Monday morning launched a tugboat for the marine police in the central city of Da Nang.

At least VND9 trillion (US$435 million) is needed to continue the Soai Rap River dredging project so that larger vessels can enter Nha Beø District's Hiep Phuoc Port Complex, according to HCM City officials.

Experts have called for the development of the country's logistics and maritime services to make the economy more competitive and boost global integration.

For developing countries, revenue from logistics services account for about 15 to 20 percent of GDP. For less developed countries, this rate could be over 30 percent. It is currently 25 percent for Vietnam.

Revenues from logistics services in Vietnam stand at US$12 billion per year, accounting for 15 to 20 percent of the country's gross domestic product (GDP), but up to 70 percent of the sum is pocketed by foreign firms, according to Vietnam News Brief Service.

International technology, equipment and solution exhibitors at the country's largest maritime exhibition opened in HCMC on Wednesday said they were pinning high hopes on Vietnam's fast economic growth and its maritime industry.

Maritime Vietnam 2011, the largest international maritime event in the country, will be held at the Ho Chi Minh City - based Tan Binh Exhibition and Convention Centre (TBECC) from March 9 - 11.

A container vessel crashed into a number of barges on the Saigon River in Ho Chi Minh City on Thursday. The accident sank a rice barge, damaged others and seriously injured three people.

Despite many advantages in developing logistics service, Vietnam still faces many difficulties, including the shortage of human resources - key for establishing logistics services.

Vietnam has a pleasant sea with 3,260km of coast and many world-renowned bays and beaches including Ha Long, Lang Co, Quy Nhon and Mui Ne, which together create ample opportunities for the development of maritime-based economy, particularly beach tourism. The Mui Ne - Binh Thuan International Sailing Festival, which will take place from December 8-11 in Mui Ne, Binh Thuan Province, is expected to contribute to improving Vietnamese maritime brand names.