Vietnam approves $147 million plan to expand maritime sector

Vietnam announces plan for maritime sector

The government of Vietnam has approved a $147 million (VND3.4 trillion) infrastructure plan at the Lien Chieu Port in Da Nang, according to Pinsent Masons, specialists in infrastructure construction law.

The company said $129.3 million of the total investment will come from Vietnam’s budget between 2021 and 2025 and the remaining from Da Nang’s budget.

Once operational, the Port is expected to handle general cargo and container vessels with a capacity of 6,000 – 8,000 TEU. Construction work will include breakwater embankments, breakwaters and ship passages.

John Yeap, infrastructure expert, Pinsent Masons, said, “Coastal ports form an important component of Vietnam’s export orientated economy. 

“This investment in expanding the capacity of its ports will help its ability to service the expected increase in exports including from companies looking to or having relocated manufacturing bases to Vietnam.”

Construction is expected to start later this year and be completed by 2025 and has been approved by 2025.

The investment project is the latest milestone in Vietnam’s goal of improving its maritime sector.

In October 2020 APM Terminals (APMT) announced that the Cai Mep International Terminal (CMIT) had welcomed the largest vessel to ever call at a Vietnamese port when the 20,000 TEU Margreathe Maersk arrived.

That came after the CMIT was included on A.P. Moller – Maersk’s (Maersk) TP17 service in recognition of the region’s growing market.

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