Vietnam's Saigon Newport Company has clinched a joint venture deal in Ho Chi Minh City with three foreign shipping lines to develop an international terminal in the southern province of Ba Ria-Vung Tau, the Saigon Daily Times reported.
The three foreign firms involved in the Tan Cang-Cai Mep International Terminal Company are Hanjin Shipping of South Korea, Mitsui OSK Lines of Japan and Wan Hai Lines of Taiwan.
The 30-year joint venture will construct and operate phase two of the Tan Cang-Cai Mep International Terminal with total investment capital amounting to about US$100 million.
Saigon Newport Company operates Cat Lai Port, the country's biggest at the moment, but this port is only able to accommodate ships of 30,000DWT, or 2,000 TEUs.
Therefore, the military-run firm started work on phase one of the Cai Mep deepwater seaport in Ba Ria-Vung Tau in 2006, with the berth measuring 15 meters in depth and capable of receiving ships of 80,000DWT, or 6,000 TEUs.
In partnership with the three foreign shipping firms, the company will build two berths with a total length of 590 meters and a total depth of 15 meters, and 34 hectares of container yard.