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The southern Phu Yen province project will cover 1,560 hectares, including 190ha of land and 1,370ha of water. The harbour will receive ships of up to 300,000 dead weight tonnes with a liquid goods wharf for up to 8,000dwt vessels.
The port's estimated volume through to 2020 is 15.8 million tonnes per year.
However, Phu Yen Economic Zone Management Authority deputy head Huynh Xuan Minh said it was unclear when the project would take shape.
Bai Goc habour project is a part of the $19 billion Hoa Tam petrochemical industrial zone project including the harbour, Hoa Tam petrochemical industrial zone, a multi sectors industrial area and some other works.
In late 2010, Ho Chi Minh City-based Hiep Hoa Phat Company was granted an investment certificate to develop the zone's infrastructure which was given up previously by Singapore-based SP Chemicals Company in 2009.
"To the end of 2012, the project's detailed plan is expected to receive approval," said Minh.
Under the province's economic development plan, the Hoa Tam petrochemical industrial zone project was approved in 2007, though Singapore-based SP Chemicals Company, the first developer of Hoa Tam petrochemical industrial zone project asked to abandon this project.