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Three Japanese firms, Mitsui OSK Lines (MOL), Nippon Yusen KK (NYK) and Itochu Corp, plan to cooperate with a Vietnamese partner in building and running a large containership terminal in northern Vietnam at an estimated cost of US$349.3 million.
This will be one of the Southeast Asian nation's biggest terminals, according to Thai News Service.
According to the Japanese economic daily of Nikkei, the Japanese trio and the state-run Vietnam National Shipping Lines (Vinalines) are expected to agree soon on establishing a joint venture for building and operating the terminal.
Vinalines will take a 51-percent stake, while the Japanese firms will likely divide up the remaining equity equally. Construction cost will be covered by investments in the joint venture and loans.
Located in Lach Huyen district of the northern city of Hai Phong , the terminal will be set for completion in 2015. It will be able to handle 855,000 TEUs a year, almost half of northern Vietnam 's total volume.
The terminal will also be able to cater to large 8,000 TEU containerships that are unable to dock at neighbouring ports, enabling direct exports to North America.
To date, cargo bound for North America was first transported on smaller vessels to Hong Kong, then switched over to large containerships. The new terminal will cut shipping times to that market by a few days.
Panasonic Corp, Canon Inc and other Japanese firms are setting up factories in the nation. So as more port infrastructure is built, the nation is likely to be increasingly considered an export base.
Cargonews Asia
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