My Thuy International Seaport a step closer to reality

17:00 | 31/01/2018
My Thuy International Seaport comes closer to completion through the memorandum of understanding (MoU) signed between Rich & Wise JSC and the investor My Thuy International Port Joint Venture Company (MTIP).   
my thuy international seaport a step closer to reality
My Thuy International Seaport a step closer to reality

Notably, on January 31, Rich & Wise JSC and MTIP signed exchange funding support contracts and the MoU to develop My Thuy International Seaport located in East-West Economic Zone of the central province of Quang Tri.

The project is invested by MTIP, a joint venture of Vietnam Construction Service Development and Investment Co., Ltd., Golden Gate Construction Co., Ltd., Rich & Wise Co., Ltd., and L2J Asia Co., Ltd. The project is developed by 100 per cent equity from sponsorship from Clearbrook Global Advisors and EMP Infra LLC from the US, and PineStreet Infra Co., Ltd. from South Korea.

According to plan, the project will be constructed in three stages with the total investment capital of $637 million. The first phase ($230 million) is slated to be completed in 2018-2025. According to design, the 17.5-metres deep port will be able to accommodate vessels of 100,000 deadweight tonnes (DWT) by 2036.

Previously, MTIP inked co-operation deals with several companies, including a partnership with Sungjee-CJ, South Korean Daewoo Engineering & Construction, and Daewoo Construction Co., Ltd. for constructing the port’s infrastructure, and South Korean Aju Total Company to supply equipment to load and unload cargo at the port.

In spite of getting in-principle approval from the government in April 2017, the project has been stuck as Quang Tri and the Ministry of Transport failed to reach a consensus on the capacity of the $630-million project.

MoT suggested that the province carefully consider the volume of goods forecast to be shipped via the port. Particularly, the volume of goods from industrial zones (IZs) in the South East Economic Zone and others in the province, as well as goods in transit for Laos and North-Eastern Thailand in the East-West Economic Corridor.

According to MoT, the volume of goods shipped via My Thuy seaport is estimated to be 18.36 million tonnes by 2020 and 35.75 million tonnes by 2030, much higher than the 1.1 million and 1.5 million tonnes projected in the detailed planning for ports of the central region.

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