Vietnam's maritime giant VIMC asked to prioritize $4.35 bln Can Gio transshipment port project

Deputy Minister of Finance Cao Anh Tuan has asked state-controlled Vietnam Maritime Corp (VIMC) to prioritize resources for the $4.35 billion Can Gio International Transshipment Port, calling the project a strategic national priority critical to strengthening the country’s logistics competitiveness.

"Given its size and spillover effects, VIMC must allocate sufficient resources, implement the project professionally, and closely control both investment efficiency and construction timelines," Tuan told VIMC’s year-end review meeting on Monday.

The Can Gio International Transshipment Port is projected to require a total investment of about VND113.5 trillion ($4.35 billion) and is designed to compete with regional hubs in Singapore and Malaysia.

The project received in-principle approval from the Prime Minister on January 16, 2025, following an investment proposal by a consortium led by Saigon Port Corp - a VIMC subsidiary and Terminal Investment Limited Holding (TIL) - an affiliate of global shipping group MSC.

Tuan said 2026 would mark the first year of Vietnam’s five-year development plan (2026-2030), during which state-owned enterprises are expected to play a central role as a key pillar of the economy.

He noted that VIMC should accelerate restructuring toward a leaner operating model, improve corporate governance and oversight, speed up divestments, and deploy state capital more efficiently. Tuan also called for greater decentralization and clearer accountability among senior executives.

The Can Gio port project should be given top priority due to its scale and strategic importance, the deputy minister stressed, noting that once completed it would have a direct impact on the competitiveness of Vietnam’s seaport system and national logistics supply chains.

The government and relevant ministries, including the Ministry of Construction, are working closely with Ho Chi Minh City authorities to remove bottlenecks and facilitate project preparation and implementation, he said. The Ministry of Finance will continue coordinating with ministries and the city to finalisze financial and investment mechanisms to ensure the project stays on schedule and delivers strong returns.

Providing an update, VIMC CEO Le Quang Trung said 2025 marked a key institutional breakthrough for the project after the National Assembly, Vietnam's parliament, approved special policy mechanisms for HCMC on December 11. The resolution provides a legal framework to advance the port’s development, he added.

HCMC is now preparing the next steps, including the selection of a strategic investor, which is expected in the first quarter of 2026. Once operational, the port is expected to position Vietnam as a major international transshipment hub in Southeast Asia.