China Merchants Holdings enters overseas port jv

Hanoi: China Merchants Holding International has entered into the joint venture with Vung Tau International Container Port Investment Joint Stock Company (VTICPIJSC) to its first overseas port project. The Vung Tau International Container Port Company. Dr. Fu Yuning (pictured), China Merchant Group director and president was present for the signing ceremony.

CMHI will hold a 49% stake in the newly established Vung Tau International Container Port Company Limited, while VTICPIJSC will hold a majority 51% interest. The 1m teu project will see the construction of up to seven container berths of 50,000-100,000dwt, with the first berth expected to be operational by 2011.  [10/09/08]