Investors look to push up Lach Huyen port

Lach Huyen port illustration photo

Itochu Corporation, which represents the group of investors including Mitsui O.S.K Lines and Nippon Yussen Kaisha, last week proposed to the Ministry of Planning and Investment (MPI) to invest into berth numbers 3 and 4 at the key northern port project in Haiphong.

The investment expansion proposed by Itochu Corporation, could help shorten the time for the port’s completion which will ease the port congestion in the northern region.

“Lach Huyen seaport is one of our important projects in Vietnam. We are trying our best to implement this project,” said Eizo Kobayashi, chairman of Itochu Corporation.

The port will handle a majority of import and export cargo in the northern key economic zone, able to accommodate vessels up 100,000 dead weight tonnes.

Itochu Corporation, Mitsui O.S.K Lines and Nippon Yussen Kaisha early this year established Molnykit Company to join hands with state-owned Vinalines for developing the first two berths at Lach Huyen.

The Japanese consortium, which got approval from Prime Minister Nguyen Tan Dung to be involved in the port project, hopes to establish a joint venture with Vinalines next month. The project will be formed under public-private partnership (PPP) model.

“We are in the last stage of the project preparation. The port will be operational by 2015,” said Kobayashi.

In upcoming months, the Japanese consortium will discuss the government’s project development, including the government’s guarantees for risks of natural disasters and political issues, for land-use rights certificate and the construction process of official development assistance (ODA) funded works relating to the port.

A senior Itochu Corporation official said, the land-use rights certificate and ensuring the construction process of ODA-funded works were essential to start the construction at the two first berths.

Meanwhile, a preparation for expansion at berths number 3 and 4 was needed, he added.