Gemadept Joint Stock Company under Gemadept Corporation on Thursday restarted construction of Viet Nam’s largest deep sea port – Gemalink Cai Mep – after years of delay caused by economic downturn.

The project has a total investment of US$520 million including $330 million in the first phase and $190 million in the second phase.

The company said the Gemalink port in the Cai Mep - Thi Vai port area in the southern province of Ba Ria-Vung Tau would span an area of 72ha and would be able to receive the world’s largest ships. The port would have an annual capacity of 2.4 million twenty-foot equivalent unit (TEU).

Do Van Minh, the company’s chairman, said that as soon as the project completed its first phase, Gemalink would double the container loading capacity at Gemadept’s seaports and complete its service chain nationwide.

Construction started on Gemalink in 2010; however, it had to halt construction two years later due to economic difficulties.

The port is expected to be operational in 2020.

Gemalink is a joint venture between Gemadept Corporation and French shipping firm CMA-CGM. Gemadept holds 75 per cent of shares.

In 2017, the corporation was restructured by selling shares in some member companies to prioritise restarting the project. — VNS