Economy
Contracts worth $286.3 million inked at Việt Nam Int’l Defence Expo 2024
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| The ground breaking ceremony for Gemalink Cái Mép, which will become the largest deep sea port in Việt Nam. — Photo tinnhanhchungkhoan.vn |
Viet Nam News
HÀ NỘI — Gemadept Joint Stock Company under Gemadept Corporation on Thursday restarted construction of Việt Nam’s largest deep sea port – Gemalink Cái Mép – after years of delay caused by economic downturn.
The project has a total investment of US$520 million including $330 million in the first phase and $190 million in the second phase.
The company said the Gemalink port in the Cái Mép - Thị Vải port area in the southern province of Bà Rịa-Vũng Tàu would span an area of 72ha and would be able to receive the world’s largest ships. The port would have an annual capacity of 2.4 million twenty-foot equivalent unit (TEU).
Đỗ Văn Minh, the company’s chairman, said that as soon as the project completed its first phase, Gemalink would double the container loading capacity at Gemadept’s seaports and complete its service chain nationwide.
Construction started on Gemalink in 2010; however, it had to halt construction two years later due to economic difficulties.
The port is expected to be operational in 2020.
Gemalink is a joint venture between Gemadept Corporation and French shipping firm CMA-CGM. Gemadept holds 75 per cent of shares.
In 2017, the corporation was restructured by selling shares in some member companies to prioritise restarting the project. — VNS
