According to reports, the first phase of the Vietnam Shipbuilding Industry Corporation (Vinashin)’s $1.9 million shipyard was formally opened Thursday in the central Phu Yen province, the Nguoi Lao Dong reported.
The six-hectare plant, located in Tuy Hoa city’s Phu Lam ward
, has, however, already begun building eight 200 ton tugboats, a $3.8 million dredger and four 600 hp fishing vessels.
The whole facility, to cost some $6.9 million, will be capable of building ships of 1,000 to 3,000 tons once completed.
It is expected to build vessels of 5,000 tons or more from 2008.