TVT, formed in January 2019, has two tugboats offering tugboat services at the ports of Phu My and Cai Mep, located in the suburbs of Ho Chi Minh and the nation's largest ports for import/export freight and inbound/outbound ships.

“NYK made this investment decision after considering the tugboat business in Vietnam, a country that has achieved remarkable economic growth in recent years, and recognizing that the tugboat sector is primed for future growth,” the company said in a statement.

NYK said the investment was in line with its "Stay Ahead 2022 with Digitalization and Green" medium-term management strategy, which encourages innovation in the growth industries and emerging markets.

Maritime Business World