Hanoi: The Hanoi People’s Court has upheld a decision made by the Vietnam International Arbitration Centre which asked troubled shipping giant Vinalines to pay $3m to Seoul-based SK Engineering and Construction for damages over a delayed port project.
Vinalines, SK and Vietnam Waterway Construction Corporation signed a contract in 2009 to build the Van Phong international transhipment terminal in 2012.
However, the government suspended the project due to economic difficulties.
SK earlier this year also seized Vinalines’ vessels after the arbitration ruler’s decision to enforce payment. [16/10/14]