Phu My Investment raises capital for mega seaport project in central Vietnam to over $311 mln

Phu My Investment Group has increased investment capital for the first phase of the Phu My Port project in Gia Lai province by more than VND2.1 trillion ($79.66 million), lifting total investment to over VND8.2 trillion dong ($311 million) as the company moves to expand technical infrastructure and port handling capacity.

Less than a year after receiving investment approval, the Phu My Port Phase 1 project was revised upward under a new decision issued by the Gia Lai provincial government.

Investor equity remains unchanged at VND1.23 trillion ($46.66 million), equivalent to 15% of total investment, while the remainder will be financed through other funding sources.

The project will maintain its planned scale of about 205 hectares in Phu My Dong commune. However, water surface area was increased from 145 ha to 146.09 ha, while land area allocated for port and storage operations was reduced from 60 ha to 58.91 ha.

Most of the additional capital will be allocated to marine infrastructure and operational capacity expansion.

The revised plan includes construction of northern and southern seawalls, each stretching 1,468 meters to protect warehouse and cargo storage areas, significantly longer than the original designs of about 860 meters and 830 meters, respectively.

Meanwhile, the northern and northeastern breakwater connecting the port access route to Phu My Industrial Park Phase 1 was shortened from around 2 km to 1.76 km.

The project will continue developing two general cargo and container berths with a combined length of around 600 meters, capable of accommodating vessels of up to 150,000 deadweight tons.

The liquid cargo and gas terminal will also be expanded, with berth length increased from approximately 300 meters to 300-400 m while maintaining the capacity to receive vessels of up to 150,000 tons.

In addition, the project includes synchronized investment in warehouses, technical infrastructure, technology equipment, maritime channels, and navigational safety systems.

Under the revised plan, the designed throughput capacity of the two general cargo/container berths and one liquid cargo/gas berth is estimated at 6.45-8.25 million tons annually.

Projected cargo throughput by 2030 remains unchanged at around 3.8-4.4 million tons per year, including 2.4-3 million tons of general cargo and containers and about 1.4 million tons of liquid cargo and gas.

The project is scheduled for implementation during 2026-2028 and is expected to support cargo handling for Phu My Industrial Park as well as broader economic activities in Gia Lai province.

The Gia Lai provincial government initially approved the investment policy and selected Phu My Investment Group as the project developer in August 2025, when total registered investment stood at nearly VND6.09 trillion ($230.87 million).

Developer continues capital expansion

Phu My Investment Group was established in June 2024 and is headquartered in Quy Nhon Nam ward, Gia Lai province. The company’s main business line is real estate.

At establishment, the company had charter capital of nearly VND1.43 trillion ($54.06 million). Founding shareholders included Mandala Group with a 65% stake, Huong Viet Investment Consulting holding 20%, and Vietnam Seaport Investment with 15%. The company’s legal representative is Tran Nhu Long, who serves as CEO.

The developer has repeatedly raised capital during project implementation. In April 2025, charter capital increased from nearl VND1.43 trillion to VND1.8 trillion ($68.28 million), while in April 2026 it was further raised to VND2.16 trillion ($81.94 million).

Beyond the seaport project, Phu My Investment Group is also the developer of Phu My Industrial Park Phase 1, a project with total investment of more than VND4.5 trillion ($170.73 million). That project broke ground in August 2025 and is currently being accelerated.

As of mid-May 2026, site clearance had been completed for 239 hectares out of the planned 436 hectares. The company has also completed construction of two project management buildings with a combined floor area of 405 square meters.

The industrial park project is currently preparing for ground leveling and technical infrastructure construction on cleared land areas.

In addition, the company has signed a memorandum of understanding for investment cooperation in Phu My Industrial Park Phase 2, which is expected to require around VND4.3 trillion ($163.14 million) in investment capital.