Cash-strapped investor needs partners for $619 mln seaport in central Vietnam

By Hoang Tao   October 8, 2021 | 05:58 pm PT
Cash-strapped investor needs partners for $619 mln seaport in central Vietnam
The area earmarked for developing a seaport worth VND14.234 trillion ($618.9) in the central province of Quang Tri. Photo by VnExpress/Quang Ha
The investor of a VND14.234 trillion ($618.9 million) seaport in Quang Tri Province is calling for partners to jointly develop the facility.

Since the My Thuy Seaport Project’s ground-breaking ceremony in February 2020, its investor, My Thuy International Port Joint Venture Company (MTIP), has not even completed site clearance.

In a document sent to the Ministry of Planning and Investment on Oct. 7, the Quang Tri People’s Committee said MTIP’s equity was just VND42.6 billion, so it cannot implement the project as an independent investor.

The province proposed that the ministry provides guidelines on handling the situation and facilitate procedures for adding investors if they are willing to develop it jointly.

MTIP is calling for potential partners to jointly develop the seaport, or divide the overall project into smaller independent projects.

The My Thuy Seaport, which will have 10 berths, is planned to be built in three phases till 2036. It will mainly serve Quang Tri’s Southeast Economic Zone, as well as cargo in transit from Laos and the northeast region of Thailand on the East-West economic corridor.

The 685-ha port will have a draft of 17.5 meters and be able to accommodate vessels of 100,000 deadweight tons.

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