DP World, a leading global marine terminal operator has decided to establish a new terminal, Saigon Premier Container Terminal (SPCT), near Ho Chi Minh City, Vietnam, on October 1.

The sources said that joint venture between DP World and Vietnam's IPC, SPCT is located on the Soai Rap River, 15km from Ho Chi Minh City. SPCT will further set up Ho Chi Minh City as the country's main commercial hub.

The sources further added that the terminal will control cargo that currently moves through several ports on the Saigon River that will likely be shut down in the coming several years.

Proximate to Ho Chi Minh City's industrial hinterland, SPCT will manage cargo that currently moves through these ports, while attracting new volumes.

The region's second fastest growing economy, Vietnam has seen an average annual jump of 7.1 per cent since 2000.

As per media reports, DP World owns 49 terminals and 12 developments in 31 countries, making it one of the largest marine terminal operators around the globe.