Relex Development to work with major developer on My Thuy Port in Central Vietnam
Relex Development is a blockchain based real estate and infrastructure company and is proud to announce that it is working with the My Thuy Investment Port Joint Venture Company (MTIP) to raise funding for the development of the My Thuy Port facility in central Vietnam.
This project received the support of the Prime Minister for Vietnam earlier this year when support was given for the province to go ahead with the construction of the project. The People’s Committee of Quang Tri Province is promoting the construction of the Quang Tri Province Southeast Economic Zone, where the My Thuy International Seaport will enhance the cargo import and export capability of Quang Tri Province and the areas on the East-West Economic Corridor (EWEC).
Once completed, My Thuy International Seaport will shorten the distance for cargo transportation, creating favourable conditions for major areas on the East-West Economic Corridor to develop. It will also facilitate import and export activities in Quang Tri Province. The project occupies a 685 Ha site, which will include 10 ports which will be built in 3 phases becoming operational by 2025.
The project is currently in the design phase. A Belgium company, Witteveen Bos is currently doing the design and this is expected to take 4 months. The project also has an income stream which will be derived from the extraction of sodium silica which will be processed and sold through the port.
The My Thuy port will primarily be developed as an energy port. Facilities for the production of electricity and fertilizer are also planned in connection with the port. The port will also be used for the import and export of general cargo and containers from the Quang Tri Southeast Economic Zone as well as the cargo generated by the East-West Economic Corridor linking Vietnam with Laos, Thailand. Container throughput is projected to start at a low level and will increase quickly in line with the overall economic developments in (Central) Vietnam.
Central Vietnam accounts for 65% of national’s agricultural production and is increasingly a popular industry FDI destination. Growth in agricultural production, industrial output, population, oil & gas exploitation activities, and trade along the Greater Mekong East West Economic corridor means that Central Vietnam is emerging as one of the fastest growing regions in Vietnam. Existing provincial development master plans are confirming a long-term continuing commitment for urban, industrial and infrastructure development activities.
The establishment of the port in combination with the Quang Tri Southeast Economic Zone will provide an important incentive for the establishment of various types of industries. In earlier Master plans developed for Quang Tri, mention has been made of marine sector industries, petroleum and gas processing industry, electric and gas power plants, high technology and construction materials, tourism industry and other sectors to be established in the Quang Tri Southeast Economic Zone.
Relex Development looks forward to providing further updates on this exciting project as further details emerge.