Korean steel giant to build Vietnamese container terminal
The construction unit of South Korean steel giant POSCO Co. said it has signed an agreement to build a container terminal at the new Vung Tau deepwater port in the south of Vietnam.
POSCO Engineering & Construction Co. said the deal was worth $112 million to build a terminal that's expected to handle 1.15 million TEUs a year, SeaTrade Asia reported. Vung Tau is roughly 80 miles from Ho Chi Minh City and is projected to become the key ocean-shipping gateway into the country when it's finished in 2010-2011. POSCO said it will break ground on the terminal in May with a scheduled completion date in 2011.