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Newest Vietnamese yard complex moves ahead

Newest Vietnamese yard complex moves ahead

Hanoi: Heavy earth-moving plant has just arrived at Vietnam's latest shipyard construction complex in the Yen Hung district of Quang Ning, a province in the north-east of the country. Pha Rung Shipyard, a Vinashin subsidiary, is constructing a newbuilding yard, repair complex and marine engine-building plant at the site, due for completion in 2012 and costing more than $280m.

The company plans to be able to build between 10-15 Panamax-sized vessels a year although further expansion could facilitate the construction of 150,000dwt ships in due course. The new repair facility, which is due to open for business by the end of 2009, is being built to accommodate 20-40 cargo ships of up to 50,000 dwt each year, according to reports. Output at the $95m engine-building plant, likely to assemble engines under license for MAN Diesel, Sulzer and Wärtsilä, could reach 40 units annually when production begins also at the end of 2009.

Vietnam's dramatic expansion in the marine construction market caught the attention of leading investment bank Credit Suisse which has been working to arrange funding for both Vinashin and Vinalines of more than $1bn. Making the announcement on the fringes of the World Economic Forum in Davos one year ago, the bank declared that its relationships with the two companies underpinned its commitment to Vietnam and demonstrated its success in providing a bridge between one of the world's fastest-growing economies and the international investment community. [01/02/08]

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