Once completed in 2020, the Van Phong port will have 42 wharves and be capable of handling up to 200 million tons of cargo a year, said an online report on the government's website.

The report quoted Prime Minister Nguyen Tan Dung at a launching ceremony Saturday as saying the port “will be at regional level and very competitive in the future.”

Construction of the port will be divided into four phases with the first phase due to be finished in 2015.

Previous reports said Vietnam expected to handle up to 250 million tonnes of cargo in 2010, rising to 550 to 600 million tonnes by 2020.