PSA moving into Vietnam with joint venture terminal project

PSA moving into Vietnam with joint venture terminal project SP-PSA International Port Co. Ltd., a joint venture between Saigon Port and PSA Vietnam Pte Ltd., has been granted an investment license to develop a new container port project in the Vung Tau province in Vietnam.
   PSA Vietnam is a wholly owned subsidiary of Singapore-based global terminal operator PSA International Pte Ltd.
   The new terminal will be located near the mouth of the Cai Mep-Thi Vai River, and will have a projected annual capacity of 2 million TEUs when the first of its two-phase development becomes operational in 2009.
   Kuah Boon Wee, PSA International's chief executive officer, Southeast Asia and Singapore terminals, said: 'This is PSA's first port project in Vietnam and we are delighted to partner Saigon Port who has extensive knowledge of the shipping and transportation logistics environment in Vietnam.'