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It was first approved by the provincial People’s Committee in 2007 at a cost of VND57 billion ($2.45 million).
Its construction began in 2010 but stalled in 2014 because some items required to be changed.
The cost was revised yet again due to some changes in the construction area and design.
According to the project developer, the Ben Dam Port management board, the new cost estimates have been submitted to the provincial Department of Planning and Investment and are expected to be approved this month.
The construction is scheduled to restart in May and will be completed in October.
Ba Ria-Vung Tau Province is one of the eight provinces and cities in the Southern Key Economic Zone, and is a popular tourist destination.
Con Dao Islands receives thousands of tourists every year. It is set to attract 300,000 by 2030, 20 per cent of them foreign tourists.