[14 February 2007, Hong Kong] Hutchison Port Holdings (HPH) is pleased to announce that the Group has entered into agreements with Saigon Investment Construction & Commerce Company Limited (SICC), to jointly construct, develop and operate a new container terminal in Ba Ria Vung Tau Province, Vietnam.
Saigon International Terminals Vietnam Limited (SITV), a new joint-venture company will be established to develop the terminal, which is currently a greenfield site with already existing road links to manufacturing centres. HPH is committed to providing modern container-handling facilities throughout the term of the 50-year concession.
Commenting on the investment, John Meredith, Group Managing Director of HPH said, “HPH fully intends to participate in the country’s port development opportunities that have arisen following Vietnam’s accession to the WTO and the resulting demand for advanced container-handling facilities.”
The new container terminal is expected to come on stream in 2011. It will have a quay length of 730 metres, with depth alongside of 14 metres and a total yard area of 33 hectares.
SITV is situated in the Cai Mep and Thi Vai area of Ba Ria Vung Tau Province, the area has been designated as deep-sea port by the Detailed Master Plan approved by the Prime Minister of Vietnam to provide much needed facilities to handle the growing cargo traffic.
Linked by a national highway, SITV is located approximately 100 kilometres from the Ho Chi Minh City hinterland, home to many industrial areas in Vietnam, and the new terminal will facilitate the movement of cargo to/from this hinterland. The terminal is in close proximity to the Phu My Power Plant, a major utility plant in the area.