Vinashin and Songsan to Produce Steel

Wednesday, December 20, 2006
Vinashin has joined forces with Korea’s Songsan Company to form a joint venture to produce steel structures for shipbuilding. The Songsan-Vinashin JV will invest $35m to build a factory in the northern Hai Duong Province. The steel mill is set to come on stream in the second quarter of 2008. The mill is designed to produce steel structures for shipbuilding yards including Vinashin, replacing imported products in the national industry. The ship maker wants 60 percent of its steel to be sourced locally by 2010 from the current 30-40 percent. Vinashin Group said it needs $2.5b to carry out projects under the strategy of $1b in ship exports to 2010. To meet the export target within five years, Vinashin plans to invest in building and upgrading infrastructure of 10 large shipyards to make them capable of building 3,000-10,000 ton ships. It also plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes throughout Vietnam. Vinashin will increase its investment and business capital through the Shipbuilding Industrial Finance Company. It will set up a financial leasing company, a securities company, an insurance company, and shipbuilding industrial investment fund to attract domestic and foreign capital sources. Source: Thanhnien
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

RYDLYME Marine Selects GoM Distributor

RYDLYME Marine has named R Carter & Associates, Inc. of Mobile, Ala. a new stocking distributor for the Gulf of Mexico area, targeting shipyards, larger workboats,

MN 100: Elliott Bay Design Group

The Company: Elliott Bay Design Group (EBDG) is a Seattle-based, employee-owned enterprise with offices in New Orleans and Ketchikan that provides full-service naval architecture,

MN 100: Dometic Marine

The Company: Dometic Marine is an engineering leader of innovative products for the global marine industry and offers a large worldwide sales and service network.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3251 sec (3 req/sec)