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Korea, Vietnam sign MOU on port cooperation

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Korea and Vietnam concluded a memorandum of understanding (MOU) on cooperation in shipping and port affairs, such as development and operation of Vietnamese port facilities and exchange of information technology (IT) on ports.

Maritime Affairs and Fisheries Minister Kim Sung-jin signed the pact with Vietnamese Transport Minister Ho Nghia Dung on Dec. 1 in Hanoi during his 4-day trip to the Southeast Asian country.

Since last May, the ministry has sought to undertake the Cai Mep container terminal construction project in Vung Tau region jointly with a stevedoring company, a builder and the Busan Port Authority. The project is to build and operate three containership berths.

The Korean side has been conducting a final feasibility study, while negotiating the details of the project with Vietnamese partners.

This will be the first port facilities project that a Korean logistics firm would build and operate in a foreign country.

[Source: Korea.net (December 2, 2006)]