Vinashin to Invest $18.9M in Shipyard Project

The Viet Nam Shipbuilding Industry Corporation (Vinashin) recently announced it would invest $18.9m in the construction of a shipyard in the southernmost province of Ca Mau. Vinashin, the country’s largest shipbuilder, said it had selected a 54 hectare site in the province’s Nam Can District for the new facility, which is to be used to build ships displacing 5,000-10,000 tonnes, the average size of its current fleet. Up to 4,000 employees will work at the new shipyard once it is operational in 2008, and the State-owned company is already working with provincial authorities to train local workers. Vinashin said its latest project was part of its plan to increase local content in shipbuilding to 65 per cent by 2010, which would require investment of about $633m. (Source: Viet Nam News)