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Mipo mulls switching Vietnam repair facility to newbuilds

Seoul: Hyundai Mipo Dockyard, a unit of the world's largest shipbuilder, said it's considering setting up a manufacturing facility in Vietnam as surging orders spur the company to seek sites beyond Korea's shores.'We are reviewing plans to probably make part of the repair yard in Vietnam suitable for building new vessels,' Hyundai Mipo spokesman Lee Young-duck said. 'We may build midsized vessels.
Hyundai Mipo has a ship-repair venture with the Vietnam Shipbuilding Industry Group. Mipo, originally a repair yard and indeed at one time the largest in the world, shifted its entire repair work to Vietnam in 2000.
The venture has two docks, which are a combined 640 meters (700 yards) long.In the first six months, Hyundai Vinashin Dockyard repaired more than 50 vessels with sales of $65 million, achieving 45 percent of its 2007 target of $144 million. In 2006, its sales reached $131 million.Hyundai Mipo achieved this year's order target of $6 billion earlier last month. That increased its backlog to $12 billion, which represents more than three years of work. [05/12/07]


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