Hutchison Port Holdings signes Vietnam port deal
Hutchison Port Holdings, the ports unit of conglomerate Hutchison Whampoa (0013), said it signed a joint-venture deal to build and operate a container terminal in the Vietnamese province of Ba Ria-Vung Tau.
It will be HPH's first build-and- operate container terminal in Vietnam.
Other major regional ports operators have also been moving in on the southern Vietnamese province.
Earlier this month, Singapore port operator PSA International said it secured an investment license to build a container port in Vung Tau.
HPH will develop the port through a jointly held operation, Saigon International Terminals Vietnam, involving Ho Chi Minh City-based property and construction firm Saigon Investment Construction and Commerce.
The company, which has interests in 23 countries, did not disclose its investment in the terminal project or the shareholdings of the two parties in Saigon International Terminals.
But a spokesman for HPH said the company will hold "a majority stake" in the joint venture.
"HPH fully intends to participate in the country's port development opportunities that have arisen following Vietnam's accession to the World Trade Organization and the resulting demand for advanced container-handling facilities," said John Meredith, HPH group managing director.
The new container terminal is scheduled to start operations in 2011.
Located in the Cai Mep and Thi Vai area of Ba Ria-Vung Tau province, the terminal will have a quay length of 730 meters, with depth alongside of 14 meters and a total yard area of 33 hectares.
The area has been designated as a deep-sea port by the Vietnamese government to develop much-needed facilities for increasing cargo traffic.
Shares of Hutchison Whampoa closed at HK$79.20 Wednesday, down 5 HK cents.
It will be HPH's first build-and- operate container terminal in Vietnam.
Other major regional ports operators have also been moving in on the southern Vietnamese province.
Earlier this month, Singapore port operator PSA International said it secured an investment license to build a container port in Vung Tau.
HPH will develop the port through a jointly held operation, Saigon International Terminals Vietnam, involving Ho Chi Minh City-based property and construction firm Saigon Investment Construction and Commerce.
The company, which has interests in 23 countries, did not disclose its investment in the terminal project or the shareholdings of the two parties in Saigon International Terminals.
But a spokesman for HPH said the company will hold "a majority stake" in the joint venture.
"HPH fully intends to participate in the country's port development opportunities that have arisen following Vietnam's accession to the World Trade Organization and the resulting demand for advanced container-handling facilities," said John Meredith, HPH group managing director.
The new container terminal is scheduled to start operations in 2011.
Located in the Cai Mep and Thi Vai area of Ba Ria-Vung Tau province, the terminal will have a quay length of 730 meters, with depth alongside of 14 meters and a total yard area of 33 hectares.
The area has been designated as a deep-sea port by the Vietnamese government to develop much-needed facilities for increasing cargo traffic.
Shares of Hutchison Whampoa closed at HK$79.20 Wednesday, down 5 HK cents.
