EU investors keen to build US$1 billion logistics centre in Phu My

Update: 15:44 | 12/01/2021
Several major financiers from the EU have proposed pouring approximately US$1 billion into a logistics center project in Phu My of the southern province of Ba Ria - Vung Tau, according to information released by local authorities.
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EU investors keen to build US$1 billion logistics centre in Phu My
A corner of Phu My, Ba Ria - Vung Tau.

Vietnamnet.vn quoted sources from the provincial administration as saying Cai Mep Ha logistics center has recently attracted significant investment from the Netherlands and Belgium. Indeed, both countries have sent documents to Prime Minister Nguyen Xuan Phuc to ask for permission for the consortium of EU and local investors, including Besix Company - IPEI Company of Belgium, Hateco Company of Viet Nam, and Boskalis Company of the Netherlands, to implement the project.

It is the view of European investors that the successful deployment of a US$1 billion logistics center will serve to receive large container ships, therefore making it far easier to introduce Vietnamese goods to other markets globally. In addition, the move is anticipated to promote inland waterway transport, whilst also bringing goods and agricultural products from the Mekong Delta region to Cai Mep Ha port and the wider world.

Most notably, following the recent enforcement of the EU-Viet Nam Free Trade Agreement (EVFTA), the construction of a large and modern logistics center is expected to transform Phu My into the leading commercial port and major logistics hub in Southeast Asia.

Statistics indicate that the country has increased its berth space by over eight times during the past 20 years to a total of 588 berths across 34 ports as of early 2020.

These increases can be seen as Cai Mep port in Phu My is now capable of receiving the largest container ship of up to 214,000 tonnes, followed by Hai Phong port with 132,000 tonnes.

Viet Nam aims to increase the annual cargo capacity at ports to between 1.14 billion tonnes and 1.42 billion tonnes, with a specific focus on developing Hai Phong and Cai Mep ports in order to reach international standards.

The moves will ultimately contribute to saving logistics costs, increasing competitiveness, and greatly reducing shipping times, as Vietnamese goods are able to go directly to major markets such as Europe and North America without having to go through transit ports such as Singapore.

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(Source: VOV)