State-owned Vietnamese shipyard Vinashin is set to spend VND1.5 trillion (US$94 million) on rebuilding the Cua Viet seaport in the central Quang Tri province.
The Vietnam National Shipbuilding Corp, as Vinashin is formally known, will turn Cua Viet into a 300-400 ha port complex with a shipyard, ecotourism facilities, a golf course, and a wharf to accommodate 100,000-ton ships.
A Vinashin spokesman said detailed plans would be worked out and work started very soon.
The province has spent VND28 billion ($1.74 million) on the port since 1993 but it has been plagued by amassing sand deposits.
The people’s committee then decided to hand over the port to Vinashin hoping it would be able to develop Cua Viet and ultimately generate economic growth for the province.
Established in 1996 Vinashin and its 20 subsidiaries have targeted turning Vietnam into the world’s 11th largest shipbuilder, four spots up the table, in the near future. They aim to earn revenues of $1 billion this year, up from $690 million in 2005. The group has won contracts worth $12.3 billion to build seagoing vessels in the next few years. Selling off shares of its 21 remaining affiliates is also a key target for Vinashin this year.
The shipyard will now focus on oil tanker building. The company is capable of making 100,000-ton crude oil tankers and 150,000-ton floating storage and offloading units. The group has won contracts worth up to $12.3 billion to build seagoing vessels over the next few years.
Of the figure, the deals ordered by foreign companies are reported to account for $10 billion of the total while the rest has come from domestic firms under the umbrella of the Vietnam Marine Corporation.
Under a Vietnam government strategy, Vinashin will build a national shipping fleet to meet domestic transport and 30 percent of the export transport demand for crude oil.
Vinashin said it was in need of VND40 trillion ($2.5 billion) to carry out projects to reach the goal of $1-billion in ship exports by 2010.
As part of the effort to reach the 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.
The group will set up a financial leasing company, a securities company, an insurance company, and shipbuilding industrial investment fund to attract domestic and foreign capital sources.
According to international marine groups, Vietnam has high potential as a marine equipment and technology importer with plenty of room to develop into one of leading shipbuilding countries in the world.
The Vietnam National Shipbuilding Corp, as Vinashin is formally known, will turn Cua Viet into a 300-400 ha port complex with a shipyard, ecotourism facilities, a golf course, and a wharf to accommodate 100,000-ton ships.
A Vinashin spokesman said detailed plans would be worked out and work started very soon.
The province has spent VND28 billion ($1.74 million) on the port since 1993 but it has been plagued by amassing sand deposits.
The people’s committee then decided to hand over the port to Vinashin hoping it would be able to develop Cua Viet and ultimately generate economic growth for the province.
Established in 1996 Vinashin and its 20 subsidiaries have targeted turning Vietnam into the world’s 11th largest shipbuilder, four spots up the table, in the near future. They aim to earn revenues of $1 billion this year, up from $690 million in 2005. The group has won contracts worth $12.3 billion to build seagoing vessels in the next few years. Selling off shares of its 21 remaining affiliates is also a key target for Vinashin this year.
The shipyard will now focus on oil tanker building. The company is capable of making 100,000-ton crude oil tankers and 150,000-ton floating storage and offloading units. The group has won contracts worth up to $12.3 billion to build seagoing vessels over the next few years.
Of the figure, the deals ordered by foreign companies are reported to account for $10 billion of the total while the rest has come from domestic firms under the umbrella of the Vietnam Marine Corporation.
Under a Vietnam government strategy, Vinashin will build a national shipping fleet to meet domestic transport and 30 percent of the export transport demand for crude oil.
Vinashin said it was in need of VND40 trillion ($2.5 billion) to carry out projects to reach the goal of $1-billion in ship exports by 2010.
As part of the effort to reach the 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.
The group will set up a financial leasing company, a securities company, an insurance company, and shipbuilding industrial investment fund to attract domestic and foreign capital sources.
According to international marine groups, Vietnam has high potential as a marine equipment and technology importer with plenty of room to develop into one of leading shipbuilding countries in the world.