Chinese firm sets up port venture with Vinalines

China Merchants Holdings (International) Co., the investor in ports moving a third of China's containers, said it has established a venture to build and operate a port in Vietnam with a local company.

Vietnam National Shipping Lines Corp., known as Vinalines, will own 51 percent of the venture, with the remainder held by China Merchants, according to a statement filed to the Hong Kong stock exchange Monday by the Chinese company.

The venture, with a charter capital of US$60 million, will construct the Ben Dinh Sao Mai Deep Seaport located in the southern Ba Ria-Vung Tau Province, the statement read.

Thanhnien

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