Japan extends $1.6bn aid to build Vietnamese port

Japan International Co-operation Agency (JICA), is expected to sign an agreement before the end of April to help build a Y140bn ($1.64bn) port in northern Vietnam, Seatrade-asia reports. The deepwater Lach Huyen port project, the biggest in northern Vietnam, will be designed to accommodate 100,000 tonnes vessels and with breakwaters of 760 metres and 3,200 metres in length. Lach Huyen port is meant to eventually replace the nearby existing Haiphong port, which is not able to receive large vessels due to a water depth of only seven metres. A Japanese consortium including trading house Itochu and shipping firms Nippon Yussen Kaisha and Mitsui O.S.K. Lines will invest a further Y20bn into the project through a joint venture to be formed with Vietnam National Shipping Lines. A first berth is expected to be completed in 2014 and a second berth is scheduled for 2015.