The My Thuy Port project, a key infrastructure initiative in Quang Tri Province, Vietnam, is set to complete Phase 1 by 2026. The project, approved by the Prime Minister of Vietnam under Decision No. 16/QD-TTg (January 4, 2019), aims to enhance regional trade and logistics connectivity.
After four years of delay, the project was officially restarted on March 25, 2024. The first four berths are expected to be operational by mid-2026, marking a major milestone in the development of My Thuy International Seaport.
Strategic Importance of My Thuy Port
Located in Hai An Commune, Hai Lang District, Quang Tri Province, My Thuy Port is designed to support the Dong Nam Quang Tri Economic Zone and facilitate trade for businesses in Vietnam, Laos, and Northeast Thailand via the East-West Economic Corridor (EWEC).
Once completed, My Thuy Port will:
- Enhance Vietnam’s logistics infrastructure by providing a modern deep-water port.
- Improve connectivity for industrial zones in Central Vietnam.
- Facilitate cross-border trade with Laos and Thailand, boosting regional economic integration.
Project Overview and Investment Structure
The My Thuy Port project is being developed by My Thuy International Port Joint Venture Company (MTIP) with a total investment of VND 14.234 trillion ($600 million). The project spans 685 hectares and is divided into three phases:
- Phase 1 (2018-2025): Construction of four berths with an investment of VND 4.946 trillion.
- Phase 2 (2026-2031): Development of three additional berths with an investment of VND 4.980 trillion.
- Phase 3 (2032-2036): Completion of three more berths with an investment of VND 4.308 trillion.
The total designed capacity will accommodate vessels up to 100,000 DWT, significantly enhancing Vietnam’s maritime trade capacity.
Detailed Breakdown of Each Development Phase
The My Thuy Port project is being developed in three phases, with each stage playing a crucial role in enhancing Vietnam’s logistics capabilities.
- Phase 1 (2018 – 2026): This initial phase involves the construction of four berths capable of handling 100,000 DWT vessels. The investment for this stage is approximately $194 million, covering key infrastructure such as wave barriers, breakwaters, container yards, navigation channels, and port access roads. The first two berths are expected to be operational by Q4 2025, while the remaining two will be completed by Q2 2026.
- Phase 2 (2026 – 2031): The second phase will add three more berths, further expanding the port’s capacity. This phase, with an estimated $195 million investment, will enhance cargo-handling capabilities and improve logistics efficiency for businesses in the East-West Economic Corridor (EWEC). Key infrastructure improvements will include additional storage areas, expanded rail and road connections, and advanced port automation technologies.
- Phase 3 (2032 – 2036): The final phase will complete the project with the construction of three additional berths, bringing the total to ten berths. This stage, requiring an investment of $168 million, aims to position My Thuy Port as a regional trade hub. Advanced logistics systems, deeper navigation channels, and enhanced multimodal connectivity will ensure the port remains competitive in the Southeast Asian shipping network.
Current Progress and Development Plan
As of 2024, Phase 1 is actively underway, with the completion of key infrastructure components, including:
- Eastern breakwater and wave barrier
- Temporary berths and storage yards
- Road connections and weighing stations
Other critical components, such as berths 1 and 2, administrative buildings, and dredging of navigation channels, are currently in the contractor selection phase.
The timeline for completion is as follows:
- Q4 2025: Completion of 1-2 berths
- Q2 2026: Completion of the remaining two berths
Economic and Industrial Impact
The My Thuy Port project is expected to drive significant economic benefits for Quang Tri Province and Vietnam, including:
- Job creation: Thousands of direct and indirect employment opportunities.
- Increased trade capacity: Supporting industrial exports and imports.
- Foreign investment attraction: Encouraging logistics and manufacturing companies to establish operations in the region.
Challenges and Solutions
The project faced delays due to issues related to land clearance and forest conversion regulations, which required approval from the Prime Minister. However, recent efforts by the Quang Tri Economic Zone Management Board and local authorities have accelerated the completion of necessary legal and administrative procedures, ensuring the project progresses as planned.
Future Expansion and Regional Impact
My Thuy Port is expected to play a critical role in the development of Central Vietnam by:
- Reducing logistics costs for manufacturers in the region.
- Strengthening Vietnam’s position as a key transit hub for goods between Southeast Asia and international markets.
- Supporting Vietnam’s long-term infrastructure strategy for industrial growth and economic integration.
Conclusion
The completion of Phase 1 by 2026 will mark a major milestone in Vietnam’s logistics and trade development. My Thuy Port is poised to become a key gateway for regional trade, boosting industrial investment and strengthening Vietnam’s economic competitiveness in the global market.
With increasing demand for efficient maritime logistics, businesses looking to expand in Vietnam, Laos, and Thailand should closely monitor the progress of this transformative infrastructure project.
Source: VnEconomy
