Vietnam's top forwarder Gemadept Corporation will start building a $410 million deep-water container port in early 2008 to handle more transhipments, its chief executive said on Thursday.
"So far transhipments are carried out in Singapore, Taiwan or Hong Kong but when we put the port into operation, ships from the United States could come directly to Cai Mep port for transhipments to regional countries," Gemadept CEO Do Van Minh told reporters.
The government has identified Cai Mep container port as one of five ports to be built in the southern province of Ba Ria-Vung Tau by 2010 to serve the region which handles 70 percent of containers in the country.
The five ports will be used when the government relocates Saigon Port and related facilities from Ho Chi Minh City over the next few years.
"We will strive to start construction in early 2008 and complete it in 2010," Minh said at a conference in Hanoi.
He did not say how much Gemadept would invest in the port which is designed to have a depth of 16 metres.
Minh said Gemadept has been building two more ports in the central region, the $36-million Dung Quat port and the $230-million Nhon Hoi port, each to get a 55 percent of investment from Gemadept.
Shares in Gemadept traded up 0.8 percent to 126,000 dong ($7.8) on Thursday, valueing the company at $336 million.
The Ho Chi Minh City-based company operates ports, provides logistics services including container transport and acts as an agent for several dozen foreign shipping lines.
Its two warehouses of 40,000 square metres are Vietnam's largest facility for stocking coffee.
Minh said Gemadept has also been diversifying its business into property and financial investment.
Source: Reuters
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