Construction underway at new Vietnamese container terminal in Ho Chi Minh City

The ceremony at the Hiep Phuoc Industrial Park was attended by DP World Chairman, Sultan Ahmed Bin Sulayem, and DP World Vice Chairman and Group CEO of P&F World (DP World's parent company) Jamal Majid Bin Thaniah, together with senior Vietnamese officials Mr Nguyen Van Dua, Ho Chi Minh City Vice Chairman, Mr Vo Tran Chi, former Ho Chi Minh City Party Secretary and Mr Mia Chi Tho, a former Politburo member.

The project is an 80:20 joint venture between DP World company P&O Ports and the Vietnamese state-owned Tan Thuan Industrial Promotion Company (IPC). Upon completion, the terminal, which is located along the Western shore of the Soa Rap River, will have the capacity to handle 1.5 million TEU a year.

SPCT 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.

Vietnam is the region's second fastest growing economy with an average annual growth rate of 7.1% since 2000. Ho Chi Minh City the economic centre of Vietnam, is currently served by various port and terminal facilities along the Saigon River, most of which have been identified for progressive closure over the next 10 to 15 years. SPCT, located in close proximity to Ho Chi Minh City's industrial hinterland, will eventually handle the cargo that currently moves through these ports as well as attract new volumes of cargo. The container market for Ho Chi Minh City grew by 16% in 2005.

DP World Chairman, Sultan Ahmed Bin Sulayem said:

'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.'

Group CEO of P&F World, Jamal Majid Bin Thaniah commented: 'We look forward to working with IPC to create a world class facility that will further establish Ho Chi Minh City as a vibrant hub for trade. We anticipate that this project in the Hiep Phuoc Industrial Zone will be a successful blueprint for future schemes, reinforcing this area as key industrial centre for the City.'