Vinashin Awarded Contracts

Tuesday, October 10, 2006
The Viet Nam Shipbuilding Industry Group (Vinashin) has snatched up two large contracts with UK partners worth $800m. The contracts were executed during the Viet Nam Days in the UK business forum on trade, investment and tourism last Friday in London. Vinashin inked a $100m deal with Graig Investment Ltd to build 25 ships and another to build a floating oil tank for the Viet Nam Oil and Gas Corporation (PetroVietnam), worth $680 million. The latter deal was signed with Monobuyo Co, Petromaritime Consulting and London Maritime Consultants. In 2003, Vinashin signed contracts with the company worth $500 million to build 6,500- and 12,000-DWT freighters and 13,000 DWT container ships. It also won another $322.5 million contract to build 15 cargo ships of 53,000 DWT each in 2004.

Addressing Friday’s forum, Minister of Planning and Investment Vo Hong Phuc confirmed that the legal and policy framework for investment and business in Viet Nam had been improved with a view to creating a common legal system for both foreign and domestic investors, removing investment barriers, diversifying forms of investment and enterprises, and assuring transparency of regulations. Phuc also spoke of development in the Viet Nam-UK relationship in various areas, noting that bilateral trade had reached almost $1.5 billion last year. A number of UK entrepreneurs at the forum confirmed that Viet Nam’s policies have become more favourable and open, creating a good business climate for foreign investors. Many noted, however, that investment and co-operation remained modest as many UK enterprises lacked knowledge of Viet Nam. The forum, held by the Viet Nam Chamber of Commerce and Industry in collaboration with the Vietnamese Embassy, was attended by more than 250 delegates, including over 100 Vietnamese businessmen and dozens of major British companies such as Standard Chartered Bank, the HSBC and BP. VNS

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Wärtsilä to Power Two Indian Dredgers

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators 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: 0.0549 sec (18 req/sec)