S. Korean Firms Want 75 per cent Stake in Cai Mep Port Project
South Korean companies want to raise their stake in the Cai Mep port project to 75 per cent in southern Ba Ria-Vung Tau province.
The companies include Byuksan, Posco, Han Hwa and South Korea Expressway Company.
The Cai Mep port project has total investment of US$450 million.
Under a deal earlier with Vietnam’s Vung Tau Shipbuilding Company, the South Korean companies will hold a 49 per cent stake in the project.
However, under Vietnam’s commitment to the World Trade Organization in the maritime transport sector, raising foreign stake to more than 51 per cent in a joint venture is only allowed after January 1, 2009. (Investment)
Vietnamese
