Vietnam ports languish in over-supply
[HANOI] Robert Hambleton wants to hear more noise from the huge container port outside his office near Ho Chi Minh City. Towering cranes at the next-door competitor are silent, without a ship on the horizon.
"It's a brand-new terminal without any customers," said Mr Hambleton, general director of Cai Mep International Terminal Co. "You get a sense of how dire the situation is. The whole terminal industry is oversupplied."
With companies from Intel to Samsung Electronics building billion-dollar factories in Vietnam, regional governments have established competing ports capable of handling overseas traffic, causing plunging rates and losses for operators estimated at US$1.5 billion or more, according to Seaport Consultants Asia.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’