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

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