Vinashin Posts $491,640 Revenue for 2005

The Vietnam Shipbuilding Industry Corporation (Vinashin) posted a total revenue of $491,640 in 2005- an increase of 41 percent over 2004, and a total production value of $692,457, a 46 percent year-on-year increase. Vinashin won many contracts to build high-tonnage cargo ships and container ships for export to developed countries with high-tech shipping industries such as Japan, Germany and Poland, with the largest contract from England- worth $22 million- to build 21 53,000-tonne ships. The group has got off to a flying start in the global financial and ship building markets, raising Vietnam to the 11th position among the world's countries with hi-tech ship-building industries. The corporation expects to raise its total output in 2006 to over $995,600 and its turnover to more than $703,205, year-on-year increases of 43.9 and 44 percent respectively.