Green light for PSA port venture in Vietnam

Ho Chi Minh City: The government has approved the setting up of a joint venture between Singapore-based PSA and state-owned Saigon Port to develop the first phase of a new container and logisics port in the Baria-Vung Tao province in southern Vietnam, reports the Saigon Times. The first phase of the port, to be located on the Thi Vai River, requires an investment of $165m through to 2010, whie a second phase woud need another $133mby 2017. In total it is planned to build four wharves capable of handling 1.5m teu a year. Separately Saigon Port already has plan to build container terminals with both APM Terminals and SSA of the US, while Hutchison Ports is reported to be looking for a suitable local partner to follow suit.    [15/11/06]