DP World expands into Vietnam

Dubai: Dubai Ports World has formally entered Vietnam with a Dh844.1 million ($230 million) investment package to develop Saigon Premier Container Terminal, the company said in a statement.

The project is an 80:20 venture between DP World-owned P&O Ports and Vietnam's state-owned Tan Thuan Industrial Promotion Co.

The terminal, on the western shore of the Soa Rap River, will handle 1.5 million 20-foot-equivalent units a year.

The construction officially began yesterday and the ground-breaking ceremony was led by Prince Andrew, Duke of York.

The terminal is being built in the Hiep Phuoc Industrial Park and involves the construction of a 950 metre quay and facilities on 40 hectares of adjoining land. Development will be phased, with the first two of four berths scheduled to begin operating in 2008.

The ceremony at the Hiep Phuoc Industrial Park was attended by Sultan Ahmad Bin Sulayem, DP World Chairman and Executive Chairman of Ports, Customs and Free Zone Corp, and Jamal Majid Bin Thaniah, DP World vice-chairman and Group CEO of P&F World (DP World's parent company), together with senior Vietnamese officials.

"The development of SPCT will encourage greater intra-Asian trade through Ho Chi Minh City and represents a key strategic fit with DP World's wider development programme. It also underlines our commitment to working with local partners in investing in new infrastructure and projects that will meet the needs of customers into the future, and contribute to the growth of the local economy and of the company," said Bin Sulayem.

DP World, the world's third largest terminal operators, has the widest network with 52 terminals spanning 30 countries and five continents.