Vietnamese government approves Japanese port venture

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Sep 2010

Vietnamese Deputy Prime Minister Hoang Trung Hai has approved Vietnam National Shipping Lines (Vinalines) to set up a joint venture with three Japanese companies to build two wharfs costing US$350 million in the northern city of Haiphong, according to Vietnam News Brief Service Japanese firms Mitsui O.S.K Lines, Nippon Yusen KK and Itochu Corporation and Vinalines will carry out the project under the public-private partnership (PPP) form.
Located in Lach Huyen district, the container port will be able to receive 8,000 TEU containerships that are unable to dock at neighbouring ports, enabling direct exports to North America.
Once operational in 2015, the port, which will become Vietnam's biggest terminals, is expected to handle 855,000 TEUs per year, accounting for nearly half of the total container loading capacity of northern ports.
A source from the Ministry of Transport said that the two governments will sign an agreement on the preferential credits that Japan will offer to Vietnam to realise the project.

Source: CargonewsAsia