South Korea’s STX Group plans to build a $500m shipyard in the central coastal province of Khanh Hoa, Viet Nam News reported. Situated in the Van Phong Economic Zone, the shipyard will be capable of building vessels displacing up to 400,000 dead-weight tons (DWT), with an annual production output of about 1.6 million DWT. The provincial People’s Committee has proposed relevant authorities issue incentives to assist STX Group prepare the project.
Supporters of the proposal believe the project would receive government support, adding the country should take advantage of its 3,250-km coastline and ideal locations for deep water ports. The development of the shipbuilding industry would encourage the development of many other heavy industries including
steel making and diesel engine production. (Source: Viet Nam News)