HCMC port relocation work faces $571 mil shortfall

The steering committee set up to relocate ports in urban Ho Chi Minh City has asked the Government to advance VND10 trillion (US$571.4 million) to speed up work.

The task of moving ports from the city to the suburbs is making slow progress because of a shortage of funds.

The general director of Portcoast Consultant Company, Tran Tuan Phuc, said more money is needed to build new ports in Hiep Phuoc, Nha Be District, and Ba Ria-Vung Tau Province.

Representatives of Tan Cang (New Port), Ba Son Shipyard, Tan Thuan Dong Port, Saigon Port and the Vegetable Port, all to relocate before 2010, reported many problems.

Saigon Port representatives said the greatest difficulty is a lack of funds to build new port facilities since $40 million worth loans need to be repaid.

The ports and shipyard have sought government intervention to get a bank loan to ensure relocation can be completed on schedule.

So far, only Saigon New Port has shifted to its new site at Cai Mep, Ba Ria- Vung Tau, but a manager of the port said funds are needed to install equipment at the new venue.

VietNamNet/SGGP

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