Business

Free trade agreements fuel growth of seaport operators

The volume of cargo going through seaports has been on the increase thanks to free trade agreements (FTAs).
Free trade agreements fuel growth of seaport operators ảnh 1Lach Huyen Terminal in Hai Phong (Photo: VNA)
Hanoi (VNA) –The volume of cargo going through seaports has been on the increase thanks tofree trade agreements (FTAs).

Total throughput ofVietnam’s seaports reached 302.42 million of tonnes in the first five months ofthe year, excluding goods in transit, a year-on-year rise of 7 percent,according to the Vietnam Maritime Administration.

The volume included10.33 million TEUs of containers, surging 24 percent in the same period lastyear.

In May alone, thevolume of freights reached 63.94 million tonnes, up 5 percent, while that ofcontainer goods 2.2 million TEUs, a year-on-year growth of 35 percent.

Two FTAs with substantialimpact on freight volume through seaports are the EU-Vietnam FTA and theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),according to experts.

In addition, anincreasing number of deepwater ports helps firms in the sector gain moreadvantages.

Some businesses havelaunched new projects to bolster the services. Gemadept Corporation plans tolaunch two deepwater seaport projects in the southern region in the third andfourth quarters, which are set to be operational in 2023.

The corporation willinvest nearly 264 million USD in the two projects, which will have a capacityof 900,000 TEUs and 500,000 TEUs per year, respectively.

Meanwhile, in thenorth, the Port of Hai Phong JSC plans to transform the Hoang Dieu terminal forcommercial use and invest in another deepwater port in the third quarter ofthis year./.
VNA
#free trade agreements #FTAs #Vietnam’s seaports #Vietnam Maritime Administration #deepwater ports #vietnamplus #vietnam news agency
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