Hutchison to develop Vietnam container terminal
Hong Kong-based Hutchison Port Holdings (HPH), the world's largest terminal operator, has established a joint venture company with Saigon Investment Construction & Commerce Co. Ltd. (SICC), to construct, develop and operate a new container terminal in Vietnam's Ba Ria Vung Tau Province.
The joint venture, Saigon International Terminals Vietnam Ltd. (SITV), will develop the terminal on a greenfield site which that has existing road links to manufacturing centers and is close to the Phu My Power Plant.
SITV has a 50-year concession for the terminal, which is expected to open in 2011 with a quay length of 730 meters (2,395 feet), a depth alongside of 14 meters (46 feet) and a total yard area of 33 hectares.
'HPH fully intends to participate in the country's port development opportunities that have arisen following Vietnam's accession to the WTO and the resulting demand for advanced container-handling facilities,' said John Meredith, group managing director of HPH.