$670 mln Hai Phong wharf investments to accelerate shipments to Europe, US

Four new wharves will be built within deep-water Lach Huyen port in the northern coastal city of Hai Phong, aiming to serve big vessels bound for Europe and the Americas.

The investors behind those projects include Vietnam National Shipping Lines (Vinalines), Port of Hai Phong JSC, and Heteco Group JSC, with investment capital of VND16,000 billion ($670 million).

About VND6,946 billion ($291 million) will come to building wharves number 3 and 4. As construction began in late July, the wharves are set to complete and operate in the third quarter of 2024.

The wharves can welcome ships of up to 100,000 deadweight tonnages (DWT) and handle 1.1 million twenty-foot equivalent units (TEUs) per year.

Wharves number 5 and 6, with investments of VND8,339 billion ($349 million) until 2025 and VND611 billion ($25.58 million) after 2030, was approved by the Prime Minister in February. Construction of both wharves is set for this year. The facility can host ships of up to 18,000 TEUs.

Lach Huyen port now operates wharves number 1 and 2, which have a designed capacity of handling 1.1 million TEUs per year and can welcome ships of up to 132,900 DWT.

Hai Phong enjoyed gross regional domestic product (GRDP) growth of 12.06% year-on-year in the first nine months of this year, according to the municipal statistics office.

The industry and construction sector played a major role with a growth of 14.12%, contributing 7.61 percentage points to GRDP growth; followed by service sector with 10.34% and 3.77 percentage points, and agriculture-forestry-fisheries with 1.36% and 0.05 percentage points.

Hai Phong attracted $1.68 billion in registered foreign direct investment (FDI) in the nine-month period, up 4.1% year-on-year.

The city transported 200.8 million tons of goods in the period, up 17.12% year-on-year, including 23.1 million tons in September, up 17.36%.