France's CMA CGM Group has signed a partnership agreement with Vietnam's Saigon Newport Corporation (SNP) to develop container deep-water terminals in northern Hai Phong port city.

Under the agreement, the two sides will cooperate in design, construction, and operation of the Lach Huyen terminals 7 and 8 at Lach Huyen deep-water port.

Each terminal has a total length of 450m and is designed to be able to accommodate vessels of up to 12,000-18.000 TEUs.

The project is expected to start operating in 2028 with a combined capacity of 1.9 million TEUs per year.

The Saigon Newport Corporate received the investment certificate for the project in May 2023 with an estimated investment capital of nearly VND12.8 trillion ($490 million).

CMA CGM, the third largest shipping company in the world, is currently co-owner of the Gemalink terminal in Cai Mep - Thi Vai port in southern Ba Ria - Vung Tau province, and the Vietnam International Container Terminals (VICT) in Ho Chi Minh City.