Vingroup ups the expansion stakes in Haiphong, Vietnam

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A massive new port and logistics hub is being planned in Haiphong, northern Vietnam. Located approximately 100km east of Hanoi, the project will be developed in three phases, with full completion by 2040.

Vietnam’s largest conglomerate, Vingroup, led by billionaire Pham Nhat Vuong, has confirmed that it is intending to invest VDN374trn (US$14bn) in the project, of which 15% will come directly from the company’s own internal resources, with the remainder coming from investors.

This latest largescale development follows an announcement from CMA CGM Group which confirmed its own US$600 million investment plans in Haiphong to develop a new, 1.9 million TEU per annum facility in conjunction with Saigon Newport Corporation (SNP).

The deal for the global French shipping and logistics company involves the design, construction, and operation of the Lach Huyen terminals 7 and 8, located in Lach Huyen area in Haiphong. Operations are slated for 2028.