“Seaports play a crucial role in Vietnam’s economic growth, as trade is central to the growth of manufacturing and the export of farmed and natural resources,” said Tony Hsun, managing director of VinaCapital Investment Management Ltd. in Ho Chi Minh City. “The government’s plan to develop deep-water ports is therefore extremely important.”
Major projects worth $10.3 billion dollars are under way or planned in the sector, many with foreign involvement, data from London-based researcher Business Monitor International shows. Cai Mep International said the port is a joint venture between APM Terminals, a unit of Denmark’s biggest company A.P. Moeller- Maersk A/S, and Vietnam National Shipping Lines and Saigon Port.
Vietnam needs further investment in projects such as roads, railways and terminals, said Creighton of Cordiant Capital. “That shows there’s a lot of growth ahead of us,” he said. “We believe in the country’s long-term prospects.”
–With assistance from Kyunghee Park in Singapore, William Sim and Eunkyung Seo in Seoul, Diep Ngoc Pham and K. Oanh Ha in Hanoi, and Jason Folkmanis in Ho Chi Minh City.