Freight-forwarder Jet Air International Group has signed pacts with a state-owned shipping company in Vietnam and a state-owned firm in Hunan province to boost its business. The agreement with Saigon Shipping Co, a shipping monopoly in Vietnam, appoints Jet Air as its sole air- and sea-freight agent, as well as a general sales agent in the mainland, Hong Kong, Taiwan and Macau. The company said in a statement: 'Jet Air will also represent Saigon Shipping on an exclusive basis in sourcing suitable ships and financing for expanding the fleet of Saigon Shipping.' Under the agreement between Jet Air and the Hunan Provincial Commission of Foreign Economic Relations and Trade (Hunan Comfert), the two parties have set up an air- and sea-freight forwarding operation with a class A licence. The licence will enable the joint venture to carry out freight forwarding by sea, air and land. Jet Air chairman Peter Yu Kam-ching said the company, which will invest $3.8 million in the Hunan Comfert joint venture, had been extending its network in the United States, Europe and China through joint ventures and alliances with overseas counterparts. 'Our joining forces with Saigon Shipping and Hunan Comfert is part of a long-term strategy,' he said. Mr Yu said that, unlike in other Southeast Asian countries, Vietnam's economy had not overheated, and its currency was unaffected by speculation. He said the US Government would soon grant most favoured nation status to Vietnam and, when it happened, Vietnam's exports and freight traffic would be boosted.