$3.6bn transhipment port project
Construction of a controversial transhipment port in Van Phong, Vietnam has been halted for at least a year.
“Construction will resume pending a decision by the Prime Minister”, said Nguyen Ngoc Quy, director of the Vietnam National Shipping Lines (Vinalines) Management Board of Marine Projects No 1, in charge of managing the project, was quoted as saying Vietnam News Agency.
The $3.6bn transhipment port project in the centre of Vietnams coastline had drawn criticism from the industry, which felt investment would be better made in areas with a significant baseload of cargo.
The first phase of the port designed to handle ships of up to 9,000 teu in capacity was reported to be five months from completion. “It has been extremely difficult to mobilise capital for a huge project such as the Van Phong Port, current interest rates being so high,” Quy said.
Source: Seatrade Asia