Vietnam minds Bloomberg’s warning of $4 bln shortage for port upgrade

The government estimates it would cost about $3.44-$4.31 billion to develop port system. The capital could be used for building new ports and revamping the old ones, according to Bloomberg.

The country’s ccontainer shipping capacity needs to double the growth rate of 10 - 12% of the past decade to meet the increasing investment and trade demand amid trade war.

So far, Vietnam has not had big investment contracts for seaports, according to statement on government’s news portal.  

Vietnam’s prime minister assigned Ministry of Planning and Investment and Ministry of Transport to study and report the government about the Bloomberg’s content.

Bloomberg has a story saying the Southeast Asian country becomes a victim of its own success in trade war due to poor infrastructure. More and more businesses are complaining about congested ports and roads, rocketing costs for land and labor.

Infrastructure is the big challenge for Vietnam, especially at its ports. China claims six of the top 10 ports by container traffic in the world -- including Shanghai at No. 1 -- while Vietnam’s two biggest ports, Ho Chi Minh Seaport and Cai Mep, rank No. 25 and No. 50, according to data compiled by Bloomberg Intelligence.