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|  | | CMHI: agreement signed with Vietnam Maritime Corporation |
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¡¡¡¡Sep 8th, in Hanoi, Vietnam, China Merchants Holdings (International) Co., Ltd. (CMHI) and Vietnam Maritime Corporation held a signing ceremony to establish a joint venture: Vung Tau International Container Terminal Co., Ltd. This marks CMHI-s first venture - and a significant step - in overseas investment.
¡¡¡¡CMHI holds 49% of the equity in the new joint venture, and Vietnam Maritime Corporation 51%, a total RMB 7.8 billion is invested; in two phases of development, six or seven 50,000 to 100,000-ton container berths and a shoreline of 1,400 m will be constructed, with a designed container throughput capacity set at 1 million TEU. The first berth is planned to start operation in 2011.
¡¡¡¡CMHI has also announced its plan to set up a joint venture with Vinalines (a Vietnamese shipping company) to construct and operate the deep-water port in Vietnam. Of the RMB 468 million in registered capital, CMHI holds 49% of the equity with a RMB 229 million share of the investment accordingly by its internal resources; meanwhile the joint venture must be certified by Vietnamese local investment license authorities as well as regulatory bodies. ¡¡¡¡Link
¡¡¡¡In the early July, Fu Yuning, President of China Merchants Group, had revealed to the media that the group would start a number of cooperation programs with relevant Vietnamese departments, including an initial investment of USD 300 million in one port in Ho Chi Minh City (and a total investment of USD 1 billion), construction of six 100,000-ton terminals. |
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