Vinashin Plans Investment

Tuesday, September 11, 2007
According to reports, Vinashin has obtained the go-ahead from central Vietnam’s Khanh Hoa province to invest in series of industrial parks and urban projects in Cam Ranh Bay. The company will invest in three industrial parks (IPs), including a Cam Ranh IP-township, the South Cam Ranh IP, and a site in northern Hon Qui.

The shipbuilding group will also build a 200ha Cam Phu – Cam Linh Urban Area and an ecotourism site in Hon Qui. Vinashin will work out detailed investment plans for each project to submit to the local government.

Between now and 2010, the unlisted-shipbuilder plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes throughout Vietnam. Additionally, it will invest in upgrading 10 major shipyards capable of building 3,000-10,000 ton ships. The central Quang Tri People’s Committee has recently decided to hand over the Cua Viet seaport to Vinashin hoping for further development of the project. Vinashin plans to spend $198m on rebuilding the seaport, turning it into a 300-400 ha port complex with a shipyard, ecotourism facilities, a golf course, and a wharf to accommodate 100,000-ton ships.

Besides, it has entered a deal with the central Ninh Thuan province to build a $7.5b iron casting facility. In the first stage, between 2008-10, Vinashin will develop the project at an estimated cost of $1.7b. The remaining capital will be injected into expansion of the mill over the next 8 years.

The behemoth is scheduled to open early next year, churning out 8.5 million tons of iron annually. The shipbuilder is building a $41m steel factory in the northern port of Hai Phong via a joint venture with a Korea partner. The mill will produce steel structures for shipbuilding yards, including Vinashin’s, to replace imported products for use in the domestic industry. It is seeking the nod from the central government to invest in the Cam Ranh airport as well. For the project, Vinashin plans to join forces with the State Capital Investment Corp., which serves as a government shareholder in state-owned enterprises and is responsible for monitoring and investing capital. Source: Thanien

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