HUTCHISON Port Holdings (HPH) has entered into agreements with Saigon Investment Construction & Commerce Company Limited (SICC) to set up a joint venture that will be responsible for the construction, development and operation of a new container terminal in Ba Ria Vung Tau Province, Vietnam.
The partners plan to establish Saigon International Terminals Vietnam Limited (SITV) to develop the terminal on a greenfield site that is already connected by road to manufacturing centres in the region.
HPH will be tasked with providing modern container-handling facilities throughout the term of the 50-year concession.
"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.
The new container terminal is expected to come on stream in 2011. It will have a quay length of 730 metres, with depth alongside of 14 metres and a total yard area of 33 hectares.
SITV is situated in the Cai Mep and Thi Vai area of Ba Ria Vung Tau province, an area which has been designated as deep-sea port by the Detailed Master Plan approved by the Prime Minister of Vietnam, to provide much needed facilities to handle the growth in cargo traffic.
Linked by a national highway, SITV is located approximately 100 kilometres from the Ho Chi Minh City hinterland, home to many industrial areas in Vietnam. The terminal is also in close proximity to the Phu My Power Plant, a major utility plant in the area, a HPH statement said.
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