Cargo Connection Logistics - International Targets Vietnam as Next Global Market
Monday June 26, 8:30 am ET
INWOOD, NY--(MARKET WIRE)--Jun 26, 2006 -- Cargo Connection Logistics Holding, Inc. (OTC BB:CRGO.OB - News) (Berlin:CD6BE.BE - News) (Frankfurt:217026.F - News) today announced that representatives of its wholly owned subsidiary, Cargo Connection Logistics - International, Inc., recently visited Vietnam to explore opportunities on behalf of the Company. The expedition was primarily informational and represents the first step in establishing a business relationship between Cargo Connection Logistics and freight forwarders in Vietnam.
"We believe our shareholders should have a good understanding of the size and scope of the Vietnamese Market," said Jesse Dobrinsky, CEO of Cargo Connection Logistics Holding, Inc. "The Vietnamese government is investing heavily into its infrastructure to promote growth. We are expecting to receive shipments that are Less than Container Loads (LCL) as well as Full Container Loads (FCL). Statistics from the U.S. Department of Transportation outline what expected exports from Vietnam currently exist. According to the U.S. DOT, 40 percent of the goods coming from Vietnam are related to the apparel industry, 23 percent are none-knit articles and 17 percent are knit articles. Just fewer than 11 percent of the exports from Vietnam are in the footwear category.
"The balance of the exports from Vietnam consist of furniture which accounts for about 11 percent of the exports while the remaining is miscellaneous merchandise which accounts for approximately 38 percent of the balance of the exports," added Dobrinsky. "Cargo Connection Logistics expects to be a participant in all aspects of merchandise being exported from Vietnam into the United States."
Dobrinsky pointed out that many people are surprised to learn that Vietnam, with nearly 84 million people, is the 15th largest country in the world. It is larger than the United Kingdom, Germany, France and Italy.
"We were so well received by the manufacturers and forwarders in Vietnam that we are confident that we will be signing several agreements over the next few weeks," said David Quach, President of Cargo Connection Logistics - International, who was part of the Cargo Connection contingent visiting the Southeast Asian country. "We expect that our extensive seven years of experience in the fashion business, coupled with the systems we have in place to support this type of enterprise, will make this a very successful opportunity.
"We expect to formalize agreements soon with several companies in Vietnam and we will keep our stockholders abreast of these agreements as they come to fruition," Quach said. |
