Vinashin and Songsan to Produce Steel
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.
Vietnam Shipyard Builds Tanker for PetroVietnam
An affiliate of Vietnam shipbuilding giant Vinashin started work on the first of three 105,000 oil tankers under a contract last July with the state-run oil giant PetroVietnam. The $56m freighter to be 245m-long, 43m-wide and 20m-height will be built by Dung Quat Shipbuilding Industry Company and have state-of-the-art equipment satisfying latest international maritime conventions. The first will be handed over by the March of 2008, and the second and third by 2009 before the Dung Quat Oil Refinery goes on stream in 2009 – the first of its kind in the country which is now under construction in the central Quang Ngai Province. The company inked a $400…
Vinashin Eyes Investments
The Viet Nam Shipbuilding Industry Corporation (Vinashin) will need $2.5b to carry out projects under the strategy on ship exports until 2010. To meet the target of $1b evenue from ship exports in five years, Vinashin plans to invest in building and upgrading infrastructure of 10 large shipyards to make them capable to build 3,000-10,000 ton ships. It also plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes in all of Vietnam. Vinashin will increase its investment and business capital through the Shipbuilding Industrial Financial Company. It will set up a financial leasing company, a securities company, an insurance company, and a shipbuilding industrial investment fund to attract domestic and foreign capital sources.
