Deputy Prime Minister Tran Hong Ha signed a prime ministerial decision approving an investment policy for the project on January 16, which will be implemented by a venture between Saigon Port JSC and Terminal Investment Limited Holding S.A.

At least VND50 trillion (almost $2 billion) would be needed to develop the port across 571 hectares, including nearly 83 ha of repurposed forest land, at the mouth of the Cai Mep-Thi Vai River, in Go Con Cho Islet, Can Gio district. The project’s operational duration is 50 years from the date of the investment policy decision being made.

The port would provide services related to container port operations, seaports, and other associated activities.

Ho Chi Minh City has been tasked with leading the coordination effort with relevant ministries and agencies to conduct tenders for a strategic investor for the project, in compliance with prevailing regulations. Investors will not be allowed to transfer the project within five years of the date of issuance of an investment registration certificate.

Changes to investors after this period must comply with the provisions of Vietnamese law and must be approved in writing by Ho Chi Minh City People's Committee. Such changes must also be allowed by the Ministry of National Defence, the Ministry of Public Security, and other relevant agencies in cases of issues related to national defence and security.

The volume of cargo through the port is forecast to reach 4.8 million TEU by 2030, and 16.9 million TEU by 2047. The project will create about 6,000-8,000 jobs and contribute about VND34-40 trillion ($1.4-1.6 billion) to the state budget per year.

With the establishment of Vietnam's first international transshipment port and the participation of large global port operators, the project promises to turn the southeast region into the leading international trade gateway in Southeast Asia, boosting the economy of the entire region, contributing to national maritime strategy, and affirming Vietnam's position and role in the international arena.

The project will position Vietnam on the maritime map as a giant international transit hub to entice the world's largest transport and logistics units.

It will also create a driving force for the development of regional infrastructure and new advantages for domestic maritime transport businesses to develop and contribute to socioeconomic development, encouraging the establishment of an international financial centre in Ho Chi Minh City.

Source: Vietnam Investment Review