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Vinashin eyes VLCC construction

Hanoi: Vietnamese Shipbuilding Industry Corp (Vinashin) is set to embark on a new phase of growth thanks to the Ministry of Finance's recent decision to lend $750 million in international bond proceeds, group chairman and ceo Pham Thanh Binh has told the local press. Vinashin is currently building 53,000DWT oil tankers, container vessels and LPG carriers, but will have the capacity to build a 300,000DWT carrier within the next two years, he added.

Total value of Vinashin's backlog has now mounted to $6 billion with many contracts stretching as far ahead as 2012, Binh noted. An additional $3.8 billion will be needed to develop Vietnam's shipyards and related support industries through to 2010, he added, by when it is planned that 60% of the content of Vietnamese ships will be manufactured locally.

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