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Vinashin forges ahead

Vinashin forges ahead

Hanoi: Vietnam state shipbuilding group, Vinashin, expects to earn $500m from shipbuilding contracts next year according to the country's Ministry of Trade reported by Vietnamese news agencies. Vinashin has tied up deals with foreign owners that would generate $1.5bn in revenues through 2009. The group expects with an investment of $3bn over the next 10 years it can generate a turnover of $3bn a year according to the Vietnam News Agency. The fast-growing enterprise earned $481m last year building for domestic and foreign owners - 40% up on the previous year. Vinashin has started work on the biggest ship it has ever built - a 100,000 dwt aframax for PetroVietnam, but expects to have VLCC-capable facilities by 2010. (23/08/06)

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