A container port, which covers an area of 166 ha, will be built in the southern province of Ba Ria-Vung Tau at an estimated cost of US$300 million.

To this effect, the Vietnam National Shipping Lines (Vinalines) and the China Merchants Group Ltd. (CMG) have signed a contract to set up a joint venture company.

They are planning to start the construction work in 2009 and finish it in 2011. The port will be able to receive 80,000 DWT ships.

Earlier, Vinalines and CMG reached an agreement with the China Development Bank on credit granting to carry out the project.