The Viet Nam Shipbuilding Industry Group (Vinashin) has announced it earned a revenue of VND5.1 trillion (US$318.7 million) in the first quarter of the year, an increase of 108 per cent year-on-year.
The nation’s largest shipbuilder attributed the business bonanza to its strategy of progressive re-investment, which helped to enhance its production capacity.
In the first three months of the year, Vinashin built as many as 50 large vessels ranging from 4,000 DWT to 105,000 DWT (dead weight tonnes) as well as dozens of smaller vessels for either private use or maritime transport.
"This quarter we recorded our highest ever growth rate with gains in both production capacity and productivity," said Vinashin CEO Pham Thanh Binh.
The company, which has 40 subsidiaries, recruited an additional 7,000 labourers in the first quarter. It is now one of Viet Nam’s biggest employers with a total workforce of 78,500.
So far Vinashin, which targets revenue of over VND40 trillion for the entire year, has secured contracts with both domestic and foreign clients worth $12 billion.
During the shipping exhibition, Vietship, last month, the Ha Noi-based company signed 22 contracts worth $2 billion.
The contracts covered shipbuilding, maritime transport, developing ancillary industries, as well as financing and insurance.
Noteworthy deals include a contract to build a 16,800 DWT cement carrying vessel for KGJS of Norway, a contract to build 16 cargo vessels for Jebsens also of Norway, and a contract to build a 11,000 DWT cargo ship for Kanematsu of Japan.
According to Vinashin, sea-related industries represent 53-55 per cent of Viet Nam’s gross domestic product, and around 60 per cent of total export turnover.
The company is now the fifth largest shipbuilder in the world, according to Fairplay, a UK-based international shipping magazine.
In an effort to maintain its dominant market position, Vinashin, which earned revenue of $2.5 billion last year, plans to up its localisation rate to 65 per cent by 2015.
The nation’s largest shipbuilder attributed the business bonanza to its strategy of progressive re-investment, which helped to enhance its production capacity.
In the first three months of the year, Vinashin built as many as 50 large vessels ranging from 4,000 DWT to 105,000 DWT (dead weight tonnes) as well as dozens of smaller vessels for either private use or maritime transport.
"This quarter we recorded our highest ever growth rate with gains in both production capacity and productivity," said Vinashin CEO Pham Thanh Binh.
The company, which has 40 subsidiaries, recruited an additional 7,000 labourers in the first quarter. It is now one of Viet Nam’s biggest employers with a total workforce of 78,500.
So far Vinashin, which targets revenue of over VND40 trillion for the entire year, has secured contracts with both domestic and foreign clients worth $12 billion.
During the shipping exhibition, Vietship, last month, the Ha Noi-based company signed 22 contracts worth $2 billion.
The contracts covered shipbuilding, maritime transport, developing ancillary industries, as well as financing and insurance.
Noteworthy deals include a contract to build a 16,800 DWT cement carrying vessel for KGJS of Norway, a contract to build 16 cargo vessels for Jebsens also of Norway, and a contract to build a 11,000 DWT cargo ship for Kanematsu of Japan.
According to Vinashin, sea-related industries represent 53-55 per cent of Viet Nam’s gross domestic product, and around 60 per cent of total export turnover.
The company is now the fifth largest shipbuilder in the world, according to Fairplay, a UK-based international shipping magazine.
In an effort to maintain its dominant market position, Vinashin, which earned revenue of $2.5 billion last year, plans to up its localisation rate to 65 per cent by 2015.