- Vietnamese port offers amnesty to bankrupt S.Korean shipping giant
- First phase complete at $200-million international container port in HCMC
Vietnam's central city of Da Nang is planning to construct a giant port at a cost of $1.4 billion to meet the increasing logistics demands. The first component will cost $459.38 million, with funding sourced from the city’s budget and ODA loans. The second has a massive price tag of $1.02 billion, and will have to rely on bank loans.
The construction of the project has been broken down into three phases. The first phase is expected to be completed by 2020, with the second finished in 2030 and the project completed by 2050.
The existing Tien Sa Port is operating at its maximum capacity of 10.4 million tons per year and is unable to meet the increasing demands of cargo and warehouse space, according to the contractor Tediport.
The city plans to increase its annual capacity to 12 million tons of cargo, but that still won't be enough to cope in the years to come.
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