The Vietnam Shipbuilding Industry Corporation (Vinashin) has signed a contract with its Dutch partner, Damen Shipbuilding Corporation, to set up a shipyard in the northern port city of Hai Phong.
The 42-ha Damen-Vinashin shipyard will be built at an estimated cost of 30 million euros (US$39 million). It expected to take two years to build.
Upon completion, the joint venture will manufacture a variety of vessels including tug boats, high-speed ships, and vessels for offshore service.