VE Process in Busan

The second phase of the New Port North Container Terminal in Busan has moved a step closer. The Busan Port Authority has confi rmed that it has conducted a design feasibility review in which the Value Engineering (VE) process was completed. Under South Korean law, a VE is mandatory for any proposed design projects costing over 10 billion Won ($8.1 million). This project in the Port of Busan is valued at an estimated 630 billion won ($513.8 million).