My Thuy International Port Releases Quarter 2 - 2021 Investor Update

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BOSTON, August 03, 2021--(BUSINESS WIRE)--MTIP (My Thuy International Port), a multi-industry joint venture port company formed with the goal of making My Thuy International Port the new transport hub of Quang Tri province and Central Vietnam, has announced that they made significant progress in the second quarter despite the ongoing challenges posed by COVID. Through the securing of additional funds for investment, the strengthening of their management team, and the ongoing support for their vision by the governments of Vietnam and South Korea, they remain confident in the ultimate success of the project, having received updated, written confirmation of an initial 30 million tons of annual cargo for export upon completion of Phase 1.

During the quarter, on March 30th 2021 a delegation of Korean commercial interests led by Mr. Park Noh-Wan, Ambassador to Vietnam, met with Quang Tri Province leadership to express support for the ongoing development of the port by MTIP. MTIP also signed an agreement to accept $8.9 million from Laos construction, mining, and investment organization Phonesack Group to develop an initial 10,000 DWT berth. In June, MTIP also added Brian Langenberg, an award-winning research analyst and strategist with 30 years experience as Deputy Director and Chief Financial Officer, to help further refine the port’s operations and adopt global best practices and standards.

MTIP Chairman Jung Tae Sung stated, "The team’s efforts remain undiminished and in June we added to the management team when Brian Langenberg, who has been working with us on a consulting basis, joined MTIP as Deputy Director and Chief Financial Officer. His 30-years as an award-winning research analyst and strategist will help us further refine our internal financial reporting structures and capital raising."

To see the entire investor letter, please click here to view.

About MTIP:

MTIP, "My Thuy International Port Joint Venture Company", is a greenfield development seaport project and a multi-industry port company formed on the basis of a joint venture between Development Investment Service Construction Vietnam Company Limited (DISECO Vietnam) and Golden Gate Construction Company Limited (GOLDEN GATE).

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Veronica Welch

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