Hoa Sen Group and General Forwarding and Agency Corporation (Gemadept) signed a contract worth US$62.5 million to establish a logistics service and an international seaport in southern Ba Ria-Vung Tau province.
The Hoa Sen-Gemandept seaport will belong to the Cai Mep seaport project. The facility will cover a total area of 55 hectares, including seven hectares of wharf.
Gemadept expected the 300-m wharf will accommodate 50,000 DWT ships once operational in 2010, said a company official, adding that it will handle 2 million tonnes of cargo each year.
Vietnam is now home to 266 seaports capable of handling more than 80 percent of the total imports and exports.
The country is estimated to need $5 billion to build and upgrade its seaport systems from now to 2010, aiming to handle 250 million tonnes of cargo in 2010 and 550 million tonnes in 2020.
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