HANOI - Vietnam’s government has agreed on a port project in the southern province of Ca Mau, costing some $2.5 billion according to media reports and which would be able to host some of the world’s biggest ships.

The Hon Khoai port would be built under a public-private partnership, the government said in a statement on Saturday, while local media, citing a provincial proposal, said 85 percent of the funding would be via loans from the Export-Import Bank of the United States.

The remaining 15 percent of the cost will come from the private sector.

State-run news website VnEconomy said the provincial authority had proposed local, unlisted Cong Ly Construction-Trading-Tourism Co as investor for the project.

The five-year project, to be completed in 2020, will need further evaluation and approval from the Ca Mau provincial authority, the government said in a directive posted on its website on Friday.