Vietnam to build its largest port facility by 2010

Oct 15, 2004 02:00 AM

Vietnam's government has approved a major plan to develop what will be the country's largest port facility by 2010 in Van Phong Bay, in the central region, a government official said. Van Phong Bay, in Khanh Hoa province, is 500 km north of Ho Chi Minh City. Pham Van Chi, senior official of the Khanh Hoa province and chairman of Van Phong Bay Development Joint Stock Co., said the government will offer "very favourable" conditions to investors who choose to invest in the Van Phong Bay area.
"This is one of the country's most beautiful coastal areas, which is suitable to become a tourism paradise and also an industrial hub," Chi told.

Total investment for the area is expected at $ 3.5 bn by 2010 and $ 10 bn by 2020. The government will soon spend $ 100 mm to upgrade roads and port facilities in the area, he said.
Chi also said the government will be responsible for all necessary infrastructure development in the area over the next three years. After that, it will call for foreign and domestic investors to build tourist and industrial facilities. Foreigners investing in the area will receive incentives such as rent-free land for up to 10 years, low taxes for export processing zones, and support services from local authorities.
"We plan to make the Van Phong Bay an ideal international transhipment centre for crude oil tankers, because it (the bay) is near Vietnam's oil-rich area of the Phu Khanh Basin," Chi said.

He added that national oil company Vietnam Oil & Gas Corp., or PetroVietnam, is starting to offer foreign firms opportunities to invest in exploration and production in the oil and gas blocks which are close to Van Phong Bay, making the bay more attractive to investors.
The bay has a depth of more than 25 meters and covers about 50,000 hectares, is only 10 km from major international shipping routes in the South China Sea, and has been used as an intermediate port for big oil tankers.

Currently, Vietnam's largest petroleum trader -- Petroleum Import-Export Corp., or Petrolimex -- is building a fuel warehouse with a capacity of 100,000 tons.
In 2002, the government approved a $ 2 bn plan to build several new ports by 2010.

Source: Dow Jones
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