Vietnam, Singapore JV Starts Building roughly US$300 Mln Int'l Seaport

SP-PSA, a Vietnam-Singapore join venture, last Friday kicked off construction on an international seaport costing US$299 million in the southern Ba Ria-Vung Tau province, Thanh Nien newspaper reported Monday.

 

The join venture between Vinalines, Saigon Port Co. and PSA International Port Co. Ltd. will invest US$166 million in the first phase from now to 2009, to build a 600-meter-long wharf to dismantle 75,000 tons cargo ships and a 28 hectare station to handle 1.1 million TEUs (twenty-foot equivalent units) each year.

 

In the second phase from 2010 to 2011, it will pump the remaining investment to build another 600-meter-long wharf and raise the port’s annual throughput to 2.2 million TEUs, or 25 million tons of cargo.

 

Vietnam will need US$5 billion to build and upgrade its sea port network from now to 2012, forecast Tan Hua Joo, APL Vietnam managing director during a conference held September 19 in Hanoi. (www.thanhnien.com.vn)