Vietnam, U.S. Joint Venture Licensed for US$120 MlnWharf Project
The Cai Lan International Container Port Company, a Vietnam-U.S. joint venture, Aug 15 received an investment license from northeastern Quang Ninh province for a US$120-million wharf project, the Investment newspaper reported.
The firm will build and operate three wharves No. 2, 3 and 4 at Cai Lan Port under two-phase the project which is scheduled for completion in 2014.
In the first phase of 2008-2011, Cai Lan company will build over 300 meters of wharves and supporting facilities.
It will continue expanding investment for the wharves and port dredging in the second stage slated between 2011 and 2014.
The wharves are designed to receiving container ships of up to 40,000 DWT.
The Cai Lan International Container Port Company was set up by two investors, the local Cai Lan Port Joint Stock Company and the U.S.’s SSA Holdings International – Vietnam.
The company is one of Vietnam’s leading firms in the areas of port and maritime services.
Vietnam is now home to some 260 seaports with nine ports to be upgraded to handle 50,000 DWT cargo ships or 3,000 TEU container ships.
The country is estimated to need US$5 billion to build and upgrade its seaport systems from now to 2010, aiming to handle 250 million tons of cargo in 2010 and 550 million tons in 2020. (Investment, VNA)
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