Vietnam Port Development Opportunity
Construction of Van Phong International Transshipment Port has ceased, opening door to investors says economic zone official.
The $3.6 billion transshipment port, fully funded by the debt-laden Vietnam National Shipping Lines , or Vinalines , was started nearly three years ago, on October 31, 2009. However, the government has ordered the investor to stop construction, after 114 piles were successfully laid in the Van Phong Bay in the coastal province of Khanh Hoa.
Phi said he is not surprised by the government’s request. “It’s difficult for Vinalines to continue implementing the project, given its poor ability,” he told Tuoi Tre. Phi added that without the role of Vinalines, which was mainly in charge of the initial stage of the project, it will still be carried out, as other qualified investors can invest in the next stages. “As ordered by the government, the Ministry of Transport and Khanh Hoa authorities have to continue attracting foreign investment on the transshipment port,” he said.
The Van Phong International Transshipment Port project, expected to be a key project, providing the pulse for development of the entire Van Phong Economic Zone, was scheduled to become operational by 2020. But it is obvious that the target cannot be met, given the current situation.