Vietnam province ready to pull plug on delayed port

By Dat Nguyen   August 6, 2018 | 01:21 pm GMT+7
Vietnam province ready to pull plug on delayed port
Vung Tau beach town in Ba Ria-Vung Tau Province in southern Vietnam. Photo by VnExpress/Dat Nguyen

The southern province of Ba Ria-Vung Tau is considering cancelling the $477-million My Xuan International Port.

This was revealed by Le Tuan Quoc, Deputy Chairman of the province, at a recent meeting.

The port, with an annual capacity of 4 million tons, was approved to be built by Taiwan-based Formosa International Development Corporation eight years ago.

However, the developer has not even been able to acquire the 167 hectares (412 acres) of land required, saying it has been unable to mobilize needed funds.

If this project is scrapped, it would be 123rd one in Ba Ria-Vung Tau to be terminated since 2014, all because investors were too slow in proceeding with work.

As of June, another 94 were hanging fire, 11 in industrial zones and 83 outside them, including 38 housing and apartment projects, according to the local Department of Planning and Investment.

 
 
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