|09:41' 01/10/2007 (GMT+7)|
VietNamNet Bridge – The government of Vietnam has been calling for foreign investment in domestic seaport system development, and foreign investors have responded enthusiastically.
Demand exceeds supply
In fact, the error in forecasting was quickly realised and the overloading of
Experts said that with the expected annual growth rate of 15%, the total demand of put-through goods would be 70-80mil tonnes by 2010 for the southern key economic zone. As such, the zone alone will be overloaded by 20-30mil tonnes, and the situation will be more severe in 2007-2010, badly affecting the national economy, especially exports.
Big projects kick off
In fact, foreign investment capital has been tapped into seaports since the second half of 2006, when a series of foreign invested projects kicked off.
In early August 2006,
Meanwhile, the Ministry of Planning and Investment said that many other seaport projects were under implementation. These include the$187mil joint venture between
The Vietnam Shipping Lines Vinalines has been assigned by the government to be the main domestic investor in seaport projects. However, the corporation has also decided to cooperate with foreign partners to develop seaport projects. Vinalines has signed an MOU with US-based SSA marine on building wharfs No 2,3,4 in Cai Lan port in Quang Ninh province with the total capital of $100mil.
Vinalines is also considering calling for international cooperation, when preparing to implement projects on building the international transit port of Van Phong, capable of receiving 10-12,0000 container ships, and Lach Huyen deep water port, capable of receiving 60-80,000 tonne ships.
Most recently, in January 2007, Credit Suisse agreed to lend Vinalines $1bil to develop its fleet and build ports. The government has also decided to reserve $500mil out of the $1bil worth of international bonds to be raised this year’s end to build ports and develop its fleet.
Investors have all committed to speeding up the construction processes of the projects, and making thorough preparations for the projects, which shows that they are well aware of the opportunities and the attractiveness of investment in