Port to energise southern region

The 14-year delayed Thi Vai international port project looks to have entered smoother waters.
The project has just received a new investment certificate to allow the joint venture between Vung Tau Shipping and Service Company, Vietnam Steel Corporation and Japan’s Kyoei Steel Company to build and operate the 46 hectare port till 2029.
Under the new investment certificate, the investors committed that the project would be operational by 2015.
Initially licenced in 1997 with investment capital of $56 million, the project remained becalmed due to disagreements between stakeholders on fund contributions.
“Based on the Investment Law, we could revoke the joint venture’s investment licence. But, we saw the cooperation between shareholders had improved so the provincial authority wants to help them to implement this project,” said Le Kim Huong, director at Ba Ria-Vung Tau Department of Planning and Investment.
The port project is located in the Cai Mep-Thi Vai port complex, where the government planned to develop into an important gateway of the southern key economic region, replacing the port system in Ho Chi Minh City.
Some investors have been licenced for building ports in the complex like AP Moller Terminals of Denmark, Singapore’s PSA and Hong Kong’s Hutchison Port Holdings.
At present, two international ports in this area have been put into operation, including SP-PSA International Port and Cai Mep international terminal.
The development of Thi Vai international port would improve port infrastructure in the region, said Huong. She noted that the 14-year delay of this project had impacted on the province’s economic development.
According to Ba Ria-Vung Tau Department of Planning and Investment, the investors are proposing extending the project’s lifetime till 2047. But, this proposal has not yet been approved.
At this time, the investors have to complete procedures of environment assessment and bidding to submit to the Ministry of Transport for approval. – VIR

Tags: Thi Vai international port, Vietnam ports

Posted by VBN on Aug 8 2011. Filed under Transportation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry