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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Port of Rotterdam 2014 Profit Dips

The Port of Rotterdam Authority said on Thursday its net profit for 2014 fell 4.9 percent to 215 million euros ($237 million) on higher financing costs. Europe's

UK Will Force Fridman to sell N.Sea Assets

Britain is ready to force the sale of Russian oligarch Mikhail Fridman's recently acquired North Sea energy assets unless it receives unspecified assurances within the next week,

Egypt on a War Footing to Expand Suez Canal

The Suez Canal Authority is in a race to quickly expand the vital waterway for two-way traffic by August 2015, says an Associate Press report. Workers dig round the clock on Suez Canal expansion,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1460 sec (7 req/sec)