Vinashin Group News

The 82,000 dwt Kamsarmax bulk carrier was recently named in Vietnam's Hyundai Vinashin Shipyard (HVS). Nissaki is built for St Michael Shipping of Greece, marking a significant milestone in the development of the shipbuilding capability of Vietnam, being the biggest ship built to date in the country to Lloyd's Register class. The vessel was built at the joint venture yard, Hyundai Vinashin Shipyard (HVS), located in Khanh Hoa province. HVS is 30% owned by the Vietnamese Vinashin group and operated by Hyundai Mipo Dockyard…

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)

Rolls-Royce, a provider of marine systems, has won a $17.5m order to supply fuel-efficient maneuverability systems for four new cement carrying vessels. The vessels, due for delivery in 2011 and 2012, are the latest generation of this type of ship. The four 16,800 dwt vessels will be operated by the Kristian Gerhard Jebsen Group (KGJS). The order includes the Promas integrated propeller and rudder system, steering gear, tunnel thrusters and deck machinery. The system also includes switchboards, automation systems and an integrated bridge. The Promas can increase propulsive efficiency by four to six percent with improved maneuverability at high and low speeds. The vessels are being built at the Vinashin Group’s Ben Kien shipyard in Hai Phong, Vietnam.

Kongsberg Maritime has signed a contract to supply Integrated Monitoring and Control Systems for five new 13,000 Dwt Product/Chemical carriers being built for Greek owner IASON Hellenic Shipping Co. Ltd at the Vinashin Group owned Pha Rung Shipyard in , east of the Vietnamese capital . The Kongsberg Maritime integrated monitoring and control concept chosen by Vinashin Group against strong competition includes an integrated solution for machinery control and cargo management.

Wärtsilä received an order for a propulsion package from Vietnam in September 2007. The contract was awarded by the Ben Kien Shipyard in Haiphong and involves the supply of a propulsion package for a 564 TEU multi-purpose carrier to be built for Hai Duong Shipbuilding & Shipping Company, both companies being subsidiaries of Vietnam Shipbuilding Industry Corporation (Vinashin Group). The vessel, designed by Marine Design & Research Institute of China, has a length of 115.0 m, and a moulded breadth of 20.8 m. The Wärtsilä propulsion package will comprise an eight-cylinder Wärtsilä 38 diesel engine, 4.40 m-diameter four-bladed controllable-pitch (CP) propeller, shafting, reduction gearbox, stern tube and shaft seals.

Vinashin has joined forces with Korea’s Songsan Company to form a joint venture to produce steel structures for shipbuilding. The Songsan-Vinashin JV will invest $35m to build a factory in the northern Hai Duong Province. The steel mill is set to come on stream in the second quarter of 2008. The mill is designed to produce steel structures for shipbuilding yards including Vinashin, replacing imported products in the national industry. The ship maker wants 60 percent of its steel to be sourced locally by 2010 from the current 30-40 percent. Vinashin Group said it needs $2.5b to carry out projects under the strategy of $1b in ship exports to 2010.

It has only been a decade since the Vietnam National Shipbuilding Corporation (Vinashin) started operations yet it has been able to accumulate sizeable capital and gain the government’s confidence in its capacity to become a force in Vietnam’s shipbuilding industry and worldwide. From an initial investment capital of more than $10min 1996, the capital increased to $9.4b with a total turnover of $2.07m in 2006. The total value of contracts signed with domestic and foreign shipowners was $5b by June 2006. Vietnam Investment Review reports that Vinashin has enough work to do from now to 2010 with a turnover from exporting ships being estimated at $2b per year.

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 Government Office announced a proposal to establish the Vietnam Shipbuilding Industry Economic Group (Vinashin Group) by restructuring the Viet Nam Shipbuilding Industry Corporation (Vinashin) had been approved. The Vinashin Group would become a multiple-owner business with the State holding a majority stake, comprised of State-owned and equitised subsidiaries, it said. Under the plan, the group would function as the financial investor for its other concerns, and control the capital holdings, technology, trademarks and markets of its subsidiary companies. The Government also issued official approval of the establishment of a holding company for the Ha Noi-based Viet Nam Shipbuilding Industry Group.