Foreign Consortium to Build Vietnamese Port

Vietnam has approved a foreign consortium's plan to invest around $315 million in a seaport and industrial zone complex in northern Quang Ninh province. The licence was handed on Friday to the consortium including CDC International Corp from Cayman Island, Asia Infrastructure Development Co from Hong Kong and Singapore's Tien Ich Trung Dong Co.

Construction is slated to start next year with full completion in 2036.

With Vietnam one of the 12 signatory nations, it is receiving record foreign investment due to its numerous trade accords, cheap labor and relative stability. Actual inflows of foreign direct investment in Vietnam in nearly the first 10 months of 2016 rose 7.6 percent from a year ago to an estimated $12.7 billion, based on government data.