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July 24, 2007

Vinalines to build US$184mln port
Vinalines, Vietnam's national shipping company, plans to build an international seaport in the Van Phong economic zone in the central coast province of Khanh Hoa.

Under the terms of a licence issued on Thursday, the VND3 trillion (US$184 million) project will be the first to be developed in the economic zone.

The port will be built on 41.5 ha of submerged land and will include two docks to accommodate container ships ranging from 6,000 to 9,000TEU. Port infrastructure, from loading facilities to management systems will be built to meet international standards.

Vinalines will enjoy exemption from corporate income taxes during the first four years the project turns a profit and a 50-per-cent cut in taxes for the subsequent nine years. The port is expected to begin construction in the first quarter of 2008 and be put into operation in late 2010. VNA

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