Hanoi: Nguyen Tan Dung, the Prime Minister of Vietnam (pictured), has approved a project proposed by South Korea's STX Shipbuilding to build a shipyard in the Van Phong economic zone in the central province of Khanh Hoa.
The shipyard will be the largest in the region with an initial investment capital of US$500m sprawling over 300 ha.
The first phase will give the yard capacity of 900,000 dwt to build 15 ships a year. The second phase will allow it to build 25 ships of up to 2.5m dwt a year.
STX, formerly Daedong, has always been constrained by its physical location in Jinhae province, Korea where it is hemmed in between the mountains and the sea. Last year it won approval to build a yard in northern China. [26/02/07]
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