MSC, TIL propose $6 billion deal for Vietnam’s largest port

MSC Vietnam port

Mediterranean Shipping Co (MSC)‘s operating subsidiary has outlined plans for a $6 billion deal with the Ho Chi Minh City (HCMC) Government to build Vietnam’s largest port in Can Gio.

In a statement to the Prime Minister Pham Minh Chinh, HCMC Chairman Phan Van Mai said the city has received a proposal from Terminal Investment Limited (TIL), MSC’s Switzerland-based operator subsidiary.

According to local media, the PM will assign related agencies to evaluate TIL’s plan – which comprises a 7.2-kilometre wharf to accommodate 24,000 TEU vessels, with an annual throughput capacity of 10-15 million TEU.

Can Gio Port will be located on international maritime routes and will be able to receive ships from Europe, Africa, and the US. Its favourable location is set to create a competitive advantage with other countries in the region as well as a breakthrough in the development of the marine economy of the city and the whole country, the city said.

The MSC proposal, in cooperation with Vietnam Maritime Corporation and Saigon Port JSC, contemplates a seven-phase project, with the first phase kicking off in 2024 and put into operation in 2027.

The entire facility is expected to become fully operational by 2040.

Upon completion, Can Gio Port would replace Cat Lai Port in HCMC’s Thu Duc City as the nation’s largest terminal.

With an annual capacity of 6.4 million TEU, Cat Lai Port in HCMC is currently the largest of its kind in Vietnam. The volume of cargo passing through the port accounts for 85 per cent of the total passing through ports in the South and half of the total in the country.

Cat Lai Port suffered from a severe staff shortage following a surge in COVID-19 cases in the region last year, which led to a temporary suspension of all container imports.

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