Singapore's PSA International to build port in Vietnam
A Singapore port operator said it has won a contract to build a container port project in southern Vietnam's Vung Tau province.
PSA International Pte Ltd. said in a statement over the weekend that the Vung Tau port will be developed by SP-PSA International Port Co. Ltd. — a joint venture between Saigon Port and PSA Vietnam, a wholly owned unit of PSA.
The company did not announce the project's value, but Dow Jones Newswires cited a person with knowledge of the deal as saying it would be around US$300 million (€231 million) over two phases.
The project is PSA's first in Vietnam. PSA is owned by Singapore's state-owned investment company, Temasek Holdings Pte. Ltd.
"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," Kuah Boon Wee, PSA International's chief executive for Southeast Asia and Singapore terminals, said in the statement.
PSA International Pte Ltd. said in a statement over the weekend that the Vung Tau port will be developed by SP-PSA International Port Co. Ltd. — a joint venture between Saigon Port and PSA Vietnam, a wholly owned unit of PSA.
The company did not announce the project's value, but Dow Jones Newswires cited a person with knowledge of the deal as saying it would be around US$300 million (€231 million) over two phases.
The project is PSA's first in Vietnam. PSA is owned by Singapore's state-owned investment company, Temasek Holdings Pte. Ltd.
"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," Kuah Boon Wee, PSA International's chief executive for Southeast Asia and Singapore terminals, said in the statement.
