Vietnam's Saigon Newport Company clinched a joint venture deal in HCMC yesterday with three foreign shipping lines to develop an international terminal in the southern province of Ba Ria-Vung Tau.

The three foreign firms involved in the Tan Cang-Cai Mep International Terminal Company are Hanjin Shipping of South Korea, Mitsui O.S.K 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 able to accommodate ships of 30.000DWT, or 2,000 TEUs, the company said in a statement.

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 thus capable of receiving ships of 80.000DWT, or 6,000 TEUs.

In the first phase, 300 meters of berth and 20 hectaresof containeryard are being developed and will be put into service in the second quarter of this year.

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.

The venture will need a total of US$196 million to develop the terminal facilities and buy handling equipment.

Rol.vn - Source: Saigon Times