New investor to revitalize $612 mln port project in Quang Tri

New investor SAM Holdings is set to revitalize the delayed My Thuy International Seaport project in the central province of Quang Tri.

SAM Holdings, with a 51% stake in My Thuy International Port Joint Venture Company (MTIP), would help assure the project's implementation, its investors told Quang Tri authorities in a recent meeting.

They said they could embark on construction in the fourth quarter of this year if procedures are fulfilled with Quang Tri support.

Of the VND14.2 trillion ($612 million) in total investment capital, VND2.14 trillion ($92.3 million) is company equity.

The 685-hectare port complex will include 10 wharves capable of receiving ships of up to 100,000 deadweight tonnage (DWT).

The groundbreaking ceremony of the project was conducted in early 2020, but construction has yet to commence.

My Thuy seaport will primarily serve industrial facilities in Southeast Quang Tri Economic Zone and provincial industrial parks, as well as attract transit products to Laos and northeast Thailand along the East-West economic corridor.

SAM Holdings is one of the first two joint stock companies to be listed on the Vietnamese stock exchange. My Thuy International Port Joint Venture Company was a venture between DISECO Vietnam, Golden Gate, and Daeyang.