Denmark lends $40 mln for Vinashin shipbuilding equipment
Danish Export Credit Foundation Wednesday clinched a US$40 million credit agreement with the Vietnamese state-run shipbuilding firm Vinashin to cover advanced facilities purchases.
The agreement comes as part of comprehensive strategic cooperation between Danish Marine Group and Vinashin, expected to be expanded in the coming time.
According to the foundation, Vietnam is a high potential marine equipment and technology importer for Danish suppliers, with plenty of room to develop into one of leading shipbuilding countries in the world.
Anette Eberhard, deputy director of the foundation, said the potential led to the decision on providing the credit term for Vinashin.
The Danish Marine Group is leading a delegation of 25 Denmark-based shipbuilding firms currently on a six-day visit to Vietnam, which began February 25.
These companies, which are leaders in Denmark’s marine industry, have expressed interest in supporting local partners in applying shipbuilding technologies and know-how.
The Danish delegation is set to call on Pha Rung and Ben Kien Shipyards in the northern port city of Hai Phong as well as Cam Ranh and Saigon Shipbuilding Industry companies during the visit.
Under a Vietnam government strategy, Vinashin has been tasked with developing a national shipping fleet to meet domestic transport and 30 percent of the export transport demand for crude oil.
The country’s largest state-run shipbuilder, which was established in 1996, plans to auction off shares in all its subsidiaries this year to raise funds for expansion.
It targeted to rack up revenues of $1 billion this year, up from $690 in 2005.
Selling off shares in its 21 remaining affiliates will be a key target for Vinashin this year.
The giant said it was in need of VND40 trillion ($2.5 billion) to carry out projects under the strategy of $1-billion in ship exports to 2010.
To meet the export target, Vinashin plans to invest in upgrading 10 major shipyards capable of building 3,000-10,000 ton ships.
It also plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes throughout Vietnam.
Along with its 20 subsidiaries it has helped Vietnam become the world’s 11th largest shipbuilder.
The agreement comes as part of comprehensive strategic cooperation between Danish Marine Group and Vinashin, expected to be expanded in the coming time.
According to the foundation, Vietnam is a high potential marine equipment and technology importer for Danish suppliers, with plenty of room to develop into one of leading shipbuilding countries in the world.
Anette Eberhard, deputy director of the foundation, said the potential led to the decision on providing the credit term for Vinashin.
The Danish Marine Group is leading a delegation of 25 Denmark-based shipbuilding firms currently on a six-day visit to Vietnam, which began February 25.
These companies, which are leaders in Denmark’s marine industry, have expressed interest in supporting local partners in applying shipbuilding technologies and know-how.
The Danish delegation is set to call on Pha Rung and Ben Kien Shipyards in the northern port city of Hai Phong as well as Cam Ranh and Saigon Shipbuilding Industry companies during the visit.
Under a Vietnam government strategy, Vinashin has been tasked with developing a national shipping fleet to meet domestic transport and 30 percent of the export transport demand for crude oil.
The country’s largest state-run shipbuilder, which was established in 1996, plans to auction off shares in all its subsidiaries this year to raise funds for expansion.
It targeted to rack up revenues of $1 billion this year, up from $690 in 2005.
Selling off shares in its 21 remaining affiliates will be a key target for Vinashin this year.
The giant said it was in need of VND40 trillion ($2.5 billion) to carry out projects under the strategy of $1-billion in ship exports to 2010.
To meet the export target, Vinashin plans to invest in upgrading 10 major shipyards capable of building 3,000-10,000 ton ships.
It also plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes throughout Vietnam.
Along with its 20 subsidiaries it has helped Vietnam become the world’s 11th largest shipbuilder.