Construction of a $6 billion mega-port to begin at a ‘diamond’ location, Vietnam rewriting its position on the global maritime trade map.

According to VNDirect Research, MSC – the world’s second largest container shipping line, headquartered in Switzerland, is planning to invest in the Can Gio international transit port project.

This project is proposed by Saigon Port Corporation (SGP) and TIL – a subsidiary of MSC. Previously, MSC shared the Tanjung Pelepas transit port in Malaysia with Maersk. If the Can Gio project proceeds on schedule and MSC’s investment is approved, MSC plans to transfer its transit volume to Can Gio.

According to Document No. 9008/BC-BGTVT of the Ministry of Transport dated August 20, 2024, the project has carefully assessed the conditions for establishing the Can Gio port area. This includes a reduction of about 30 – 70% of the international transit distance compared to shipping to Singapore, near the Vung Tau – Thi Vai shipping route with a depth of about 15.5m, allowing the reception of ships with a capacity of up to 232,494 DWT, and lower handling costs compared to Singapore.

As of October 3, 2024, Deputy Prime Minister Tran Hong Ha signed Document No. 746/TTg-CN on the research project to build Can Gio port, including the project in the Vietnam seaport system development plan for the period 2021 – 2030, with a vision to 2050.

Afterwards, in Ba Ria – Vung Tau province, Prime Minister Pham Minh Chinh chaired the meeting “Double-digit economic growth in the Southeast region by 2025: Challenges, Opportunities and Solutions”. Regarding the Can Gio port project, the Prime Minister assigned the Ministry of Transport to coordinate with the Ministry of Planning and Investment to complete the procedures before December 2024.

Construction activities are expected to begin at the end of May 2025. Can Gio Port will become the largest port in Vietnam, with a total investment capital of 6 billion USD, about 7.2 km of wharf and the ability to receive large container ships of about 24,000 TEU, with a total capacity of about 10 – 15 million TEU. Specifically, the port is expected to reach a capacity of 2.1 million TEU in the first year of operation. After 7 investment phases, the port’s cargo volume is expected to reach 16.9 million TEU in the next 20 years.