Vingroup, Vietnam’s top billionaire Pham Nhat Vuong’s flagship company, plans to invest $14 billion to develop a port and logistics hub a few kilometres from Hanoi.
The facility is to be located in Haiphong, approximately 100 kilometres east of the Vietnamese capital. It will be built in three phases with completion scheduled for 2040. Vingroup has stated that it will finance 15% of the port and logistics project using its own resources and will raise the rest of the necessary capital through loans.
Haiphong is one of Vietnam’s most important commercial ports and one of the cornerstones of Vingroup’s expansion plan. Through its automotive division, Vinfast, the company manages a 335-hectare industrial complex for the production of electric vehicles.
In Haiphong, CMA CGM and Saigon Newport Corporation also signed a $600 million agreement earlier this year to build a new container terminal with a 1.9 million TEU capacity.
Translation by Giles Foster