Reports reveal that UAE's Dubai Ports World recently entered into a Dh844.1 million ($230 million) deal to jointly build the Premier Container Terminal in Saigon, which will handle 1.5 million 20-foot-equivalent units a year.
The investment package, which establishes the 80:20 venture between DP World-owned P&O Ports and Vietnam's state-owned Tan Thuan Industrial Promotion Co., officially marks DP World's entrance into Vietnam, according to Gulf News.
Construction on the Saigon Premier Container Terminal formally began on Wednesday at the western shore of the Soa Rap River with a ground-breaking ceremony led by Prince Andrew, Duke of York.
"The development of SPCT will encourage greater intra-Asian trade through Ho Chi Minh City and represents a key strategic fit with DP World's wider development program. It also underlines our commitment to working with local partners in investing in new infrastructure and projects that will meet the needs of customers into the future, and contribute to the growth of the local economy and of the company," said Sultan Ahmad Bin Sulayem, DP World Chairman.
The terminal will be built in the Hiep Phuoc Industrial Park and involves the construction of a 950 meter quay as well as facilities on 40 hectares of adjoining land.
