Out-Law News | 07 Apr 2021 | 8:30 am |
Vietnam has approved VND3.4 trillion ($147 million) for building infrastructure at the Lien Chieu port in Da Nang.
VND2.99tn ($129.3m) of the total investment will come from Vietnam’s budget between 2021 and 2025 and the remaining from Da Nang’s budget, it said.
Once operational, it is expected to hold general cargos and bulk carriers at maximum 100,000 metric tonnes and container vessels with a capacity of 6,000-8,000 TEUs (twenty-foot equivalent unit). Construction work will include breakwater embankments, breakwaters, ship passages.
Infrastructure expert John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “Coastal ports form an important component of Vietnam’s export orientated economy. This investment in expanding the capacity of its ports will help its ability to service the expected increase in exports including from companies looking to or having relocated manufacturing bases to Vietnam.”
It is expected to start construction this year and to be completed by 2025. The project was approved by Vietnam’s former prime minister Nguyen Xuan Phun that was later elected as the state president.