by Manal Barakat, SeaNewsEditor

Plans to commence the construction of a USD14 billion port and logistics centre in Haiphong next year were announced this month in Vietnam.

This development, led by Vietnam's largest conglomerate, Vingroup, will form the core of a new economic area in the northern port gateway.

Vietnamese newspaper VN Express reports that the mega complex in the south of the port city will be developed in three phases.

The timeframe assigned for the project spans between 2026 and 2040.

Analysts suggest that the port, likely to be built during the first phase, will enhance shipment capacity for Vingroup's trade activities, including the manufacturing of VinFast Auto electric vehicles in Haiphong.

Additionally, the port will provide extra container terminal capacity for Haiphong Port, which handled nearly 6 million TEUs last year.

The port project is part of the Nam Do Son harbour and commercial facility, which will cover 11,000 acres in Haiphong’s new southern coastal economic zone.