German express delivery company DHL has formed a joint venture with the state-owned Vietnam Post and Telecommunications Group (VNPT), the companies said on Thursday.
"This joint venture strongly demonstrates DHL's commitment to the Vietnamese market and our faith in Vietnam's economy and its growth prospects," said Stephen Fenwick, DHL's senior vice president for South Asia and Indochina. DHL, which has been a partner of VNPT for 18 years, holds a 51 percent stake in the DHL-VNPT Express Ltd joint venture worth 5.5 million dollars.
The company, run by German mail service Deutsche Post, offers air express as well as ocean and overland freight and logistics services and operates in more than 220 countries and territories.