Vietnamese Prime Minister Pham Minh Chinh has granted in-principle approval to the Can Gio International Transshipment Port project in Ho Chi Minh City, with investment capital exceeding VND50 trillion ($1.97 billion).

Under the PM’s decision, the project will cover 571 hectares of land, including nearly 83 ha of forest land, in Go Con Cho Islet, Can Gio district.

The port will provide services related to container port operations, seaport activities, and other associated services, with the operational period of 50 years from the date of in-principle approval.

The PM has tasked HCMC authorities with coordinating with relevant ministries and agencies to organize a bidding to select a strategic investor for the project in accordance with regulations.

The selected investor is prohibited from transferring the project in the first five years following the issuance of the investment registration certificate.

According to the proposal submitted by Ho Chi Minh City to the PM earlier, the port will be over 7 kilometers long and capable of accommodating the largest container vessels currently in operation, with a capacity of 250,000 DWT (24,000 TEUs).

This proposal was made following recommendations from the Switzerland-headquartered Mediterranean Shipping Company (MSC), the world’s largest shipping line, which had expressed its intention to invest in the project.

Per HCMC's proposal, the port is planned to be constructed on Phu Loi Islet, located at the mouth of the Cai Mep River, with total investment capital of $5.45 billion. It will be carried out in seven phases, with the first phase expected to be completed by 2027 and the entire project by the end of 2045.

According to preliminary estimates, once the port is fully operational and reaches its design capacity in 2045, it is expected to generate an annual revenue of VND34-40 trillion ($1.34-1.58 billion). This revenue will be derived from taxes on loading and unloading activities, storage fees, corporate income tax, and maritime and water surface lease fees.

The Can Gio port is expected to attract significant capital from investing businesses, create 6,000-8,000 jobs for workers at the port, and employ tens of thousands of people in logistics services and port-related industries, said the proposal.