Vietnam’s central city of Da Nang is planning to invest $1.4 billion in a giant port, due to cargo congestion at its existing port, report online news sources.
The mega-port will be funded primarily by the government and through bank loans. The construction will take place over three phases expected to be completed in 2020, 2030 and 2050 respectively.
The investment will bring annual capacity up to 12 million tonnes.
Interest in Vietnam as a gateway within the shipping industry has increased, in August, 2016 Hong Kong’s Orient Overseas Container Lines teamed up with Gold Star Line, Yang Ming and Thailand-based Regional Container Lines (RCL) in order to link Chinese ports to Vietnam, reports Port Technology.org.
