At a ceremony in Hanoi on November 8, 2004, a "Licence and Co-operation Agreement" was signed by Vietnam Shipbuilding Industry Corporation
(Vinashin) and MAN B&W Diesel A/S
The new agreement, which was signed by Vinashin Chairman & C.E.O. Mr Pham Thanh Binh
and MAN B&W Executive Vice President Dr Peter Sunn Pedersen
at a televised ceremony in Hanoi, will provide Vinashin with technology and support for the production of MAN B&W two-stroke diesel engines for the growing Vietnamese shipbuilding industry.
The agreement is a logical consequence of the Vietnamese government
's decision to build up the country's shipbuilding industry, which has already manifested itself in an impressive inflow of orders from Vietnamese and foreign owners. Formal approval of the agreement by the Vietnamese government is expected within a few months. With MAN B&W assistance
, construction of an engine production facility is already under way at Bach Dang Shipyard at Haiphong. At first, activities will be limited to assembly and testing of engines on the basis of imported components, later to be followed by gradual localisation of production.