Vietnam’s largest conglomerate, Vingroup, led by billionaire Pham Nhat Vuong, has released plans to invest VDN374trn ($14bn) in a massive port and logistics hub in Haiphong, about 100 km east of Hanoi.

Announced Monday, the project will be developed in three phases through 2040, aiming to cement Vingroup’s role in national infrastructure while supporting its expanding industrial footprint, including its VinFast EV plant already operating in the region.

Vingroup will fund 15% of the investment through internal resources, with the remainder raised via borrowings.

Earlier this year, France’s CMA CGM penned an agreement with Saigon Newport Corporation (SNP) to develop a new $600m deepwater terminal also in Haiphong in northern Vietnam.

The deal covers the design, construction, and operation of the Lach Huyen terminals 7 and 8, located in Lach Huyen area in Haiphong. The terminal will have a capacity of 1.9m teu and be put into operation in 2028.