Vinalines to build $184m port

Ho Chi Minh City: Vietnamese national shipping company Vinalines has revealed that it is to build a $184m international seaport in the Van Phong economic zone in the central coast province of Khanh Hoa.

The project, which will be the first to be developed in the economic zone, will be built across 41.5ha of submerged land. It will feature two docks, capable of hosting vessels of 6,000teu and 9,000teu respectively.

Vinalines has been granted an exemption from corporate income tax for the first four years that the project declares a profit, and will enjoy a subsequent 50% reduction for the following nine years.

Construction is slated to begin in the first quarter of 2008, and the port is expected to be operational by late 2010.  [23/07/07}