Foreign Consortium to Build Vietnamese Port

Vietnam
file photo

By Reuters 2016-11-19 01:05:24

Vietnam has approved a foreign consortium's plan to invest around $315 million in a seaport and industrial zone complex in northern Quang Ninh province, the government said on Saturday.

The license was handed on Friday to the consortium including CDC International Corp from Cayman Island, Asia Infrastructure Development Co from Hong Kong and Singapore's Tien Ich Trung Dong Co, said in a report on the government's website.

Construction is slated to start next year with full completion in 2036, it said.

While the Trans-Pacific Partnership pact, with Vietnam one of the 12 signatory nations, looks uncertain after the U.S. presidential election, the Southeast Asian nation is still receiving record foreign investment due to its numerous trade accords, cheap labor and relative stability.

Actual inflows of foreign direct investment in Vietnam in nearly the first 10 months of 2016 rose 7.6 percent from a year ago to an estimated $12.7 billion, based on government data.