Quang Ninh seaport and industrial complex awaits licensed

July 15, 2016 | 15:40

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The Ministry of Planning and Investment has proposed the prime minister to approve the investment plan of the VND6.96 trillion ($311.9 million) seaport and industrial park complex invested by a consortium of three foreign investors in Quang Yen town of the northern province of Quang Ninh.

The consortium includes CDC International Corporation (CDC) from the Cayman Islands, Singaporean Middle Utilities Company, and Hong Kong’s Infra Asia Investment Company which is Belgian Rent-A-Port 94 per cent-owned company. They will establish a joint venture company with a chartered capital of VND1.04 trillion ($46.6 million), 70 per cent of which will be owned by CDC, while Middle East Utilities and Insfra Asia will hold 15 per cent each.

According to the plan, the investors will build an industrial park and a seaport system including 10 wharves and a 1,129 hectare logistics area. The construction will be implemented within 50 years and be divided into three phases. The first phase’s construction is expected to kick off in 2017 and be finished in 2021.

According to Minister of Planning and Investment Nguyen Chi Dung, the seaport and industrial park complex has a favourable position, which locates near Dinh Vu-Cat Hai Economic Zone and Cat Bi international airport in the northern port city of Haiphong, and be centre site in Halong-Uong Bi-Haiphong triangle economic zone, thus it has numerous potential for marine economic development combining with industrial sectors using seaport services.

According to the Quang Ninh Provincial People’s Committee, once the complex comes into operation, it will function as a high-tech seaport and industrial park area with synchronous infrastructure. It will creates approximately 110,000 jobs for local resident and contribute VND240 billion ($10.7 million) to the province’s budget per year.

The complex is expected to reach an average revenue of VND1.019 trillion ($45.6 million) per year with the net profit of VND389 billion ($17.4 million) per year.

Being a group with numerous experience in the construction sector, CDC developed numerous large-scale projects $175 million West Bay Complex, $420 million The St.Regis Doha Housing and Recreation project, both of which are in Doha, Qatar.

In Vietnam, it has begun implementing a “trading service and logistics centre gateway port” project with the total investment capital of $2.2 million in Dinh Vu-Cat Hai Economic Zone. Covering more than one hectare in the zone, CDC’s project aims to develop office buildings and open storage for lease. After being granted the investment certificate on June 11, 2015, the project's construction started in December 2015, four months earlier than planned, to ensure successful operation from January 2017.

Regarding the Rent-A-Port, the company has invested numerous projects in Vietnam. Notably, it developed 540 hectare Dinh Vu industrial park, which has attracted 64 projects with the total registered investment capital of $1.8 billion. Besides, it has been investing in the Haiphong International Gateway Port Industrial Park project worth VND5.147 trillion ($230.6 million).

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