Four-party JV to operate deep-sea port

HCM City (VNA) - Sai Gon Newport Co entered into a joint venture on Feb. 4 with
three foreign shipping lines to manage the Cai Mep deep sea port in southern coastal
Ba Ria-Vung Tau province.

The Tan Cang-Cai Mep International Terminal Co Ltd (TCIT) is a 30-year venture
between the military port operator and the Republic of Korea 's Hanjin Shipping
, Japan 's Mitsui OSK Lines, and Taiwan 's Wanhai Line with a charter capital of
39 million USD.

The four are respectively the largest operators in their own markets with the
Taiwanese firm also being the leading marine carrier within Asia .

Cai Mep, with a depth of over 15 m, can accommodate vessels of up to 80,000 DWT.

The Cai Mep project has been divided into two phases. Phase I with a berth 300m long
and a 20-hectare container yard will open in the second quarter of this year,
becoming the first deep-sea port in the country.

Phase 2 will add 40ha to its current area and include two berths with a total length
of 590 metres. It will cost 3.42 trillion VND (196 million USD).

Gun-Sik Choi, executive vice president of Hanjin Shipping, said: "It is our hope
that the Tan Cang-Cai Mep Terminal not only becomes the gateway to southern Vietnam
but also, in time, a main port in Southeast Asia ."

Masakazu Yakushiji, executive vice president of Mitsui OSK, said: "I believe the
operation of this new terminal will strengthen our position in Southeast Asia and
will be a key to our future expansion plans in this region."-Enditem