Vienam’s Da Nang Port is going to invest VND1 trillion ($47.6m) for the second phase upgrade of Tien Sa Seaport in the second quarter in 2016.
According to Nguyen Thu, chairman of Da Nang Port, the upgrade is aimed at raising the port’s standards to an international level in the coming years. The port is designed to handle 14m tons of cargo including container throughput of 200,000 teu by 2025.
The port has raised VND350 billion ($16.6m) from internel sources while Foreign Trade Bank of Viet Nam (Vietcombank), the Bank of Investment and Development of Viet Nam (BIDV) and the city’s Investment and Development Fund have agreed to provide loans for the project.
Vietnam’s seaport development plan towards 2020 has confirmed Da Nang Port as the major commercial port in the region, making it one of the key gateways to the East Sea from the sub-Mekong region.
Da Nang Port handled a record 6m tons of cargo in 2014.