Vietnam is getting very serious about sea transportation. In this first phase, 6 top-of-the-line passenger ships will be built. There are 3 stops: Hon Gai Port (Quang Ninh), Chan May Port (Hue), Sai Gon Port (HCMC), another stop will be Truong Sa Lon Port.

http://english.vietnamnet.vn/biz/2007/05/692495/

USD1.5 billion to build North-South passenger waterway

VietNamNet Bridge – The Vietnam Shipbuilding Industry Group (Vinashin) on May 7 announced to invest US$1.5 billion to build a north – south passenger waterway.

The group’s Chairman and Chief Executive Officer Pham Thanh Binh said that Vinashin has nurtured this plan in ten years and now it is able to turn the plan into reality.

The government has approved this project, which needs $1.5 billion of capital and will be implemented in five years.

Accordingly, Vinashin will build six passenger boats in the most modern model, which can operate in bad weather.

Those boats can transport 3,000 passengers, 1,000 cars, 500 container trucks or buses a day. The volume of goods and passengers they carry each day is equivalent to that of a highway.

Mr Binh said that Vietnam has a long coast and it is very favourable for north – south waterway transport. This route has the length that is the same with the current north – south railway and road. This waterway route doesn’t need big investment in infrastructure while it is safer than railway or road transport.

Vinashin has selected three sites to build ports to serve this route, including the Hon Gai port in northern province of Quang Ninh, Chan May port in central province of Thua Thien – Hue, and Saigon Port in HCM City.

To raise capital to this big project, Vinashin has issued bonds worth VND3,000 billion ($187.5 million) under the assistance of the Deutsche Bank. This is the largest issuance of bond of a Vietnamese business so far.

According to Mr Binh, 95% of the bonds were bought by foreign investors and the volume of bonds that investors registered to buy is three times more than the issued volume.

The VND3,000 billion will be distributed to four big projects of Vinashin, which have been registered to the Government, including the north – south waterway project.

Mr Binh said that VND3,000 billion is the first phase of capital raising, Vinashin need to raise up to $4 billion in the 2007-2010 period for its projects.

Ahh.. I've been waiting for this for long. This baby is called Ro Ro (don't know the meaning of this). All these shipbuilding, searoutes, etc. are part of Sea Strategy 2020. The route will operate daily with 3 stops which are Hòn Gai Port (Halong City), Chân Mây Port (Hue City), and Nhà Rồng Port (HCMC).



The Vinashin Ocean Shipping Company, also known as Vinashin Lines, has received an Italian-made passenger ship in Ha Long City of Quang Ninh Province, said the company director Wednesday.

According to director Tran Van Liem, the ship is worth some €60 million or VND1.32 trillion, and it can carry 1,000 people and 500 cars.

The company, Liem said, will use this modern luxury ship on the route between Ha Long and Nha Rong Port in Ho Chi Minh City.

The first voyage is expected to commence in mid-December.

On the way, the ship will debark at Chan May Port in Hue City and remain there for eight hours for passengers to visit a number of tourist sites.

In the near future, Vinashin Lines will buy and build four more ships to establish a fleet of passenger and cargo ships for the north-south sea route, providing one trip per day, according to the director.

The operation of this sea route is expected to contribute to reducing the pressure on the north-south transport on land and by air, as well as furthering Vietnam's marine economy development strategy.

http://www.thanhniennews.com/travel/?catid...mp;newsid=33454

Keep the stinking northerners out!