South Korea wants to invest in port projects in Vietnam, mostly in northern city of Haiphong’s Lach Huyen port which accommodates container ships of up to 8,000TEU. 

South Korean Ambassador to Vietnam Kim Do Hyon meets with Vietnamese Transport Minister Nguyen Van The. Photo: MOT

The government and companies from South Korea are keen on the investment of Lach Huyen port project in Haiphong, South Korean Ambassador to Vietnam Kim Do Hyon said at a meeting this week with Vietnamese Minister of Transport Nguyen Van The. 

South Korea’s strengths in developing sea ports for years and strong financial sources have enable the country to conduct mega projects, and it considers this field part of cooperation with Vietnam, the ambassador said. 

South Korean companies also have experience in developing satellite projects, including urban areas surrounding the sea port, forming an economic development triangle Hanoi – Haiphong – Quang Ninh, he added. 

He expected the South Korea’s Ministry of Oceans and Fisheries and the Vietnam’s Ministry of Transport could ink a memorandum of understanding soon. 

In turn, the Vietnamese minister said the ministry would support the investment of South Korean firms, adding that the ministry is adjusting the detailed planning for Lach Huyen wharf by 2020 and vision to 2030. 

Mega project: Lach Huyen deep sea port

Lach Huyen International Gateway Port, one of several key infrastructure projects, aims to transform Vietnam into a strong seafaring nation. It will enhance seaborne transportation between Northern Vietnam and neighboring countries, boosting Vietnam’s international competitiveness.  

Costing an investment of US$1.2 billion, the project receives Japanese official development assistance (ODA) and a joint venture of Japanese and Vietnamese companies. 

This project represents one of the first public-private partnerships (PPP) between the governments of Vietnam and Japan. The Japan International Cooperation Agency (JICA) is involved in the planning, design, and construction of the project through technical and financial co-operation. Japanese companies participated in the construction include JV comprising Nippon Koei, Japan Port Consultant, Portcoast Consultant, and Nippon Koei Vietnam International.

Lach Huyen deep sea port. Photo: Tan Cang Shipping

Construction of the port began in April 2013, with the first two container berths scheduled to come operational at the end of 2017. The two berths will serve six million tons of cargo a year.

The second phase of construction is scheduled for completion by 2020. It will increase the port’s capacity to 30 million tons a year.

The port is being developed in two phases and will be equipped with comprehensive infrastructure and handling technology. It will be able to accommodate container ships between 4,000TEU and 6,000TEU, with the potential to accommodate 8,000TEU ships after expansion.

Upon completion, the port will enable direct exports from northern Vietnam to the US and European markets, as well as eliminate transit through regional ports in Singapore or Hong Kong. This will reduce shipping costs and increase competitiveness in the country’s shipping market.

Hanoitimes