Vietnam National Shipbuilding Corporation News

Vietnam’s largest shipbuilder, Vinashin, has been greenlighted to build a $81m shipyard in the northern port city of Hai Phong, according to Vietnam News Agency. Work on the Vinashin An Duong in Thuy Nguyen district is due to begin late this year and slated for completion by 2009. Vinashin is also set to spend $94m on rebuilding the Cua Viet seaport in the central Quang Tri province. It will turn Cua Viet into a 300-400 ha port complex with a shipyard, ecotourism facilities, a golf course, and a wharf to accommodate 100,000-ton ships. Established in 1996, state-run Vinashin (Vietnam National Shipbuilding Corporation) and its 20 Source: VNA

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.