PSA bags Vietnamese concession

Ho Chi Minh City: SP-PSA International Port Co., Ltd (SP-PSA) o a joint venture between Saigon Port and PSA Vietnam Pte Ltd, a wholly-owned subsidiary of PSA International Pte Ltd (PSAI) - has been granted an investment license to develop a new container port project in Vung Tau province in Vietnam.

The license was presented by Mr Tran Minh Sanh, Chairman of the People's Committee of Ba Ria-Vung Tau Province, to SP-PSA during a ceremony held in Vung Tau on Friday.  At the ceremony, Mr Le Cong Minh, General Director of Saigon Port and Chairman of SP-PSA, said, "Saigon Port plays an important role in furthering the growth and development of its hinterland which includes Ho Chi Minh City and its adjacent provinces through its pro-active development of port facilities. We are happy to partner PSA International, one of the leading port operators in the world, in this port project, and we are confident that, together, we can make SP-PSA a great success."

Mr Kuah Boon Wee, CEO Southeast Asia & Singapore Terminals, PSAI, said, "This is PSA's first port project in Vietnam and we are delighted to partner Saigon Port who has extensive knowledge of the shipping and transportation logistics environment in Vietnam. We are committed to developing the SP-PSA International Port into a world-class service facility to cater to the needs of the shipping lines and shippers in the region."

Strategically located near the mouth of the Cai Mep-Thi Vai river, SP-PSA will be equipped to handle large vessels at its deep water berths. It will be connected by an extensive road and inland waterway network to Ho Chi Minh City and the rest of the burgeoning South Vietnam industrial hinterland. The terminal will be developed in two phases, with first phase becoming operational in 2009. When both phases come onstream, the terminal will have a projected annual capacity of 2m teu.

Vietnamese container ports are now developing fast. Fellow Singaporean firm, NOL, was first into the country and has just announced plans to upgrade its facilities while APM Terminals and SSA Marine have both been granted concessions in the last year.  [05/02/07]