HANOI, Jan 17 (Reuters) - Gemadept Corp GMD.HM has signed a contract with another Vietnamese company to build a port in southern Vietnam at a cost of 1 trillion dong ($62 million), a Gemadept official said on Thursday.
Gemadept, one of
Ho Chi Minh City-based Gemadept signed the contract with the Hoa Sen group, which would would contribute 45 percent of the investment, and other domestic investors would cover the remaining 4 percent, he said by telephone. The 55 hectare (136 acre) port in the southern
"We would raise the cargo handling capacity to 4 million tonnes a year in the second phase," he added.
Shares in Gemadept closed 4.35 percent up at 120,000 dong on Wednesday, valuing the company at $323 million, the 17th largest of the 141 firms listed on the Ho Chi Minh Stock Exchange .VNI.
Container volume growth of 19.8 percent per year in 1995-2006 would accelerate to 25 percent in coming years, industry experts say. ($1=16,106 dong) (Reporting by Ho Binh Minh; Editing by Michael Battye)