The Shinec Shipbuilding Joint Stock Co, a subsidiary of Vinashin, signed an agreement to establish a joint venture with the Czech Republic’s Viking Cordage Co, VNS reported.
The joint venture will
invest US$5 million in a factory in the Vinashin-Shinec Industrial Zone in Hai Phong’s Thuy Nguyen District.
The facility will manufacture devices for navigation which have not been previously produced in Viet Nam, including nets and cables made from natural and artificial fibres, according to Shinec.
Shinec specialises in producing ship interiors. The company has previously supplied products to customers in the Czech Republic and the UK.
This is the second foreign-invested project in the Vinashin-Shinec Industrial Zone.