Vietnam's top forwarder Gemadept will set up a joint venture with the France-based container shipping giant CMA CGM to build a deep-water seaport, Cai Mep, in the southern province of Ba Ria-Vung Tau.
Gemadept has received the approval of the local government to establish Terminal Link Cai Mep Terminal Joint-Stock Co., with a chartered capital of US$120 million.
The government has identified Cai Mep container port as one of five ports to be built in the southern province of Ba Ria-Vung Tau by 2010 to serve the region which handles 70 percent of Vietnam's containers traffic.
CMA CGM is the largest container shipping company in France and the world's third largest container company, using 76 major shipping routes between 216 ports in 126 different countries.
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