Vietnam Shipbuilding Industry Group Vinashin News

Austal announce new strategic partnerships in the Asia-Pacific region to enhance its support to the US Navy & others in the region. Following on from the strategic partnership with Singapore’s Sembawang Shipyard Pte Ltd announced in January 2013, Austal has now secured similar agreements with Unithai Shipyard and Engineering located within Thailand's main international deep-sea port of Laem Chabang, and with the Cam Ranh Shipyard in Vietnam. Austal Chief Executive Officer Andrew…

The Nam Trieu Shipbuilding Industry Corporation (Nasico) under the Vietnam Shipbuilding Industry Group (Vinashin) on July 12 signed a contract to build a pair of ships, each capable of carrying 6,900 cars, for the Blystad group of Norway, according to a report on VOV news (http://english.vovnews.vn) The 200 x 32-m car carriers will be built to a design of DeltaMarin  under the supervision of DNV of Norway. The first ship is expected to be completed and transferred in October 2013 and the other, in April 2014.

According to the VOV News, some members of the Vietnam Shipbuilding Industry Group Vinashin have recovered from the economic crisis and stabilized their production and business to create more jobs and ensure workers’ incomes. On April 9, Vinashin’s Party Committee held its second Party Congress for the 2011-2015 term in the presence of politburo member and Deputy Prime Minister Nguyen Sinh Hung, who is also head of the Steering Committee for restructuring the Vinashin group.     (Source: VOV News)

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

According to a report from Bloomberg, A Vietnamese minister said state- owned Vietnam Shipbuilding Industry Group, Vinashin, should make a $60m debt payment on its own as the government offers to help the company become profitable. (Source: Bloomberg)

According to a Nov. 27 report from SGGP, a member of Vietnam Shipbuilding Industry Group (Vinashin) on November 26 launched a 6,500 ton container ship named Vinashin Southern No.1 in the northern port of Hai Phong. (Source: SGGP)

According to a report from the VietnamNet Bridge, Deputy Prime Minister Nguyen Sinh Hung said a new Vietnam Shipbuilding Industry Group, Vinashin, will be unveiled this month or early November. The new shipbuilding group will focus on its core business, which are shipbuilding and repairing; supporting industries for shipbuilding; and providing training courses in the field. (Source: VietnamNet Bridge)

According to an AFP report, Vietnam has named a new chairman to take over Vietnam Shipbuilding Industry Group (Vinashin), after the last head was arrested for driving the company into massive debt. Prime Minister Nguyen Tan Dung reportedly appointed Nguyen Ngoc Su, formerly deputy head of state-owned oil and gas firm PetroVietnam, to head the shipbuilder. He replaces Pham Thanh Binh, who was suspended in July and later arrested due to the group's debts,. (Source: AFP)

On 19 August 2010 the signing ceremony for the start of construction of the new shipbuilding facility of Damen Vinashin Shipyard in Haiphong, Vietnam took place in the head offices of the Vietnam Shipbuilding Industry Group (Vinashin) in Hanoi. Nguyen Duy Hung, Vice Operations Director of Song Cam Shipyard signed together with Erik van der Noordaa, Chief Operations Officer of the Damen Shipyards Group in The Netherlands. Song Cam Shipyard has been allocated by Vinashin to act…

Rolls-Royce, a provider of marine power systems and services, signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in . The aim is to work together to help develop ’s fast-growing marine industry. The scope of the partnership will include identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in and for the export market. It will also develop a sourcing strategy that enhances the business activities of both parties in and for the export market.

Ha Long Shipyard successfully launched a container ship in northern Quang Ninh Province with its capacity of 1,750 twenty-foot-equivalent units (TEU), which is the biggest container ship ever built in Vietnam. Shipyard director Nguyen Duc Than reportedly said the container ship, named Vinashin Dragon, would be delivered to a local client by the end of the first quarter next year. It is the first ship of a contract for five container ships ordered by Vinashin Lines, and both the shipbuilder and the client are members of the giant Vietnam Shipbuilding Industry Group (Vinashin). The 184-meter-long and 25-meter-wide ship, with a tonnage equivalent to 23,000DWT, is worth $36m. Construction of the ship was supervised by Germany's register company GL, and it is equipped with European machines.

Vietnam's largest shipbuilder gets more money from Credit Suisse to help fund its growing business. Credit Suisse has signed a memorandum of understanding (MOU) to develop a financing program of up to $1b for one of Vietnam’s largest state-owned enterprises, Vietnam Shipbuilding Industry Group (Vinashin). The arrangement will also see Credit Suisse provide other financial services to the company. Vinashin controls over 70% of Vietnam’s shipbuilding industry and plays a pivotal role in the country’s economy. It has helped Vietnam to earn its place as the eighth largest shipbuilder in the world. The company employs more than 60,000 people and has more than 200 subsidiaries, including 28 shipyards. Vinashin has signed $8b worth of shipbuilding contracts in the past year, according to Reuters.

Bach Dang Shipyard Corporation, an affiliate of the Vietnam Shipbuilding Industry Group (Vinashin), on September 18 christened the 22,500-ton VTC Dragon. The vessel was later handed over to the Viet Nam Sea Transport and Chartering Company. The ship, 502-ft. long and 85.3 ft. wide, is equipped with a 6,253 kW engine imported from Japan and was built under the supervision of Japan's NK company. VTC Dragon is the third of its kind built to date under a contract of eight such vessels for subsidiaries of the Viet Nam National Shipping Lines (Vinalines). So far, the ships are the largest to be built by the Bach Dang Shipyard. The shipyard is also carrying out a contract to build ships of 4,900 tons for an Italian owner and a 17,500-ton ship for a Republic of Korea owned company.

Norway has committed some $4m in grants to aid Vietnam’s shipbuilding industry in human resource development over the course of the next three years, VNA reported. A deal was signed in Hanoi, on May 21, to seal the decision during a visit by Norwegian State Secretary of the Ministry of Foreign Affairs Anne Stenhammer. An amount of $1.84m is to be funded by Norway's Government, while Det Norske Veritas, Hoegh Autoliners and Jotun Paint, three of Norway's leading shipbuilders, will finance the remainder. The project aims to equip the Vietnam Shipbuilding Industry Group (Vinashin) with new skills relating to shipbuilding management and quality control.

The Vietnam Shipbuilding Industry Group (Vinashin) on May 7 announced it had successfully closed the largest ever corporate bonds issue by a Vietnamese company with a landmark 10-year, $187m fundraising to finance ambitious shipbuilding projects. This bond is the third 10-year Vietnamese corporate bond since the first issue by Electricity of Vietnam in November 2006. Source: Business in Asia Today

Construction of a $106m shipbuilding complex began in Hau Giang Province. The plant is expected to be a major booster to economic growth in the Mekong Delta. The complex will produce ships of up to 70,000 tons. The state-owned Vietnam Shipbuilding Industry Group (Vinashin) has planned to pour $68.7m in the plant. The complex will also house a container production factory, a ship engine manufacturing plant, ports, and a self-reliant thermo-electric power plant. Three other Mekong Delta provinces, Long An, Ca Mau and Kien Giang, have also begun work on ship yards to produce 20,000-100,000-ton vessels. Source: Thanhnien News

The government of northern port city of Hai Phong on Thursday unveiled a detailed plan to develop a $49 million shipbuilding industrial park in Thuy Nguyen district. The Vinashin-Shinec shipbuilding industrial park (SIP) was formed in September last year and run by the Shinec Trading and Manufacturing Joint Stock Company, an affiliate of the Vietnam Shipbuilding Industry Group (Vinashin). SIP has so far attracted seven major projects, including a joint venture between Vinashin and Finland’s Mac Gregor group, a $100 million project of the Swedish company, IKEA, and a steel structure plant of Vinashin. The park is offering many incentives…

Vietnam Shipbuilding Industry Group (Vinashin) officially opened its new subsidiary Vinashin Offshore Industries (Vinaoffshore) in Ha Noi. Vinaoffshore will focus on manufacturing floating storage and off-loading (FSO) units, single print moorings, oil drilling vessels and other heavy equipment, said Tran Thanh Nam, Vinaoffshore director. The new entity will also use resources from Vinashin and other affiliates to sign manufacturing contracts and upgraded equipment used for marine exploitation. Vinashin CEO Pham Thanh Binh said Vinaoffshore was assigned to manufacture FSOs for an affiliate of State-owned PetroVietnam. The FSOs are designed to have a load capacity of 150,000 tonnes and handle 15,000 tonnes of oil a day.

The Vietnam Shipbuilding Industry Group (Vinashin) will build eight car-carrying vessels for Hoegh Autoliner of Norway under a $536 million contract signed in Hanoi on Dec. 1 The vessels, which will be capable of carrying 6,900 cars and sail at a speed of 20.5 knots, will be built by the Nam Trieu Shipbuilding Industry Co. - a Vinashin subsidiary - under the supervision of Norway's DNV. Each of the vessels will be 199.9 metres long and 32.26 metres high, and installed with state-of-the-art equipment and engines which will meet the latest international maritime standards. The first vessel is scheduled for completion by December 2009 when it will be handed over to the Norwegian company, while the remaining ones will be completed six months later. Also on Dec.

According to reports, the Vietnam Shipbuilding Industry Group (Vinashin Group) will exert an all-out effort to make the country the world's fourth largest shipbuilder by 2015. President and CEO of Vinashin Group Pham Thanh Binh spoke about the plan at a ceremony in Ha Noi on July 8 to announce the Prime Minister's decision on the establishment of the Vinashin Group and to mark the 10th founding anniversary of the Viet Nam Shipbuilding Industry Corporation (Vinashin), the predecessor of the Vinashin Group. The Vinashin Group will concentrate on expanding existing shipyards and building additional ones to form major shipbuilding complexes in the country's northern, central and southern regions.

The Pha Rung Shipyard, a member of the Vietnam Shipbuilding Industry Group (Vinashin) on handed over a dry-cargo ship to Dong Do Shipping Lines Company under the Vietnam National Shipping Lines Corporation, Vinalines. The ship, named Dong Ba, is 337 ft. long and 55 ft. wide. Its key engine Hanashin has capacity of 2,647 kW, having a speed of 12.5 miles an hour. It is designed by Japan’s Kitada company and is built under advanced shipbuilding technology meeting international quality standards ISO 9001:2000 with supervision by Japan’s NK Register and Vietnam’s Register of Shipping. Right after the hand-over, Dong Ba ship has been chartered by Japan’s Tsurumaru Shipping Lines Company.