Vietnam to Invest up to $8 Billion Developing World Class Ports

Singapore freight forwarders – Star Concord

Vietnam is planning significant investments designed to create world class ports in the next phase of its master plan for its port system. Highlighting the country’s success in developing ports over the past 20 years, the Ministry of Transport also said that it plans to invest between approximately $6 and $8 billion by 2030 in the next phase of port development.

“After 20 years of planning, Vietnam’s seaport system has made great progress in both quality and quantity, basically meeting the development target under the approved plan,” said Deputy Minister of Transport Nguyen Nhat. However, to meet the demand for import and export goods, and the goals for economic development, the ministry acknowledged requires significant investment to further expand the capabilities of Vietnam’s ports. 

At a conference held on December 30, they reviewed plans for an increased focus on port development. This includes detailed planning for groups of seaports, ports, wharves, buoys, water zones, water areas, and the development of seaport land and waters by 2030 as part of the long-term vision for 2050 The deputy minister acknowledged that Vietnam lacks a large international standard port while several small ones have inadequate infrastructure, resulting in inefficient port operations.

During his presentation, the deputy minister highlighted that Vietnam’s ports have grown from nearly 82 million tons of cargo in 2000 to more than 680 million tons in 2020. Despite the effects of the COVID pandemic, they reported that the volume was up four percent in 2020. 

As of the beginning of 2020, Vietnam had increased its berth space by more than eight times in the past 20 years to a total of 588 berths in 34 ports. Gateway ports for international transshipment have been established in the north and the south of the country. Today, Vietnam is capable of receiving containerships up to 132,000 tons at the Lach Huyen wharf area (Hai Phong) and up to 214,000 tons at the Cai Mep wharf area. 

The goal for the next phase of the port development is to increase Vietnam’s annual cargo capacity to 1.14-1.42 billion tons. The focus will be on developing the Hai Phong and Cai Mep ports to international standards. Vietnam also plans to invest in the central economic zone as part of the effort for the development of major ports and clusters that can accommodate large container ships.

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