Haiphong has been long viewed as a cradle of the Vietnamese ship building industry with such well-known names as Bach Thai Buoi and Nguyen Huu Thu in the past and Bach Dang, Nam Trieu, Pha Rung and Ben Kien today. Annually, shipbuilding firms in Haiphong city accounts for about 50% of the whole sector’s capacity. The city has continued to assert itself as a centre for building new ships and repairing large tonnage ships. By 2010, Vinashin is expected to invest nearly VND 4,000 billion in shipbuilding establishments in Haiphong, raising capacity for building new ships and repairing ships with a view to earning revenue of VND 8,000 billion.