In the face of cargo congestion at its existing port, Vietnam’s central city of Da Nang is planning to invest $1.4 billion in a giant port, reported Vietnam Breaking News.
It will be funded primarily by the government, ODA and bank loans, the construction will take place over three phases expected to be completed in 2020, 2030 and 2050 respectively.
The investment will bring annual capacity up to 12 million tonnes, however the ports throughput is already increasing at such a rate that this is expected to become inadequate in the not so distant future.
Interest in Vietnam as a gateway within the shipping industry has increased, in August, 2016 Hong Kong’s Orient Overseas Container Lines teamed up with Gold Star Line, Yang Ming and Thailand-based Regional Container Lines (RCL) in order to link Chinese ports to Vietnam.
PTI also reported that with five new services calls added to APM Terminals’ (APMT) Cai Mep International Terminal (CMIT) in Vietnam since May, 2015, container volume had already surged by 130% in Q1, 2016.