November 21, 2008

Vinashin bags shipping contracts worth USD 2 billion

VNS reported that Viet Nam Shipbuilding Industry Group signed 22 contracts worth USD 2 billion on the occasion of Vietship, the country’s largest shipping exhibition being held in Ha Noi.

Vinashin in a statement said that the contracts, signed with both domestic and foreign partners, covered shipbuilding, maritime transportation, developing ancillary industries for Viet Nam’s shipping fleet and financing and insurance.

It added that noteworthy deals included a contract to build a 16,800 DWT cement carrying vessel for KGJS of Norway, a contract to build 16 cargo vessels for Jebsens of Norway and a contract to build a 11,000 DWT cargo ship for Kanematsu of Japan. Most of the nine shipbuilding contracts will not be delivered until after 2010.

Vinashin also signed contracts to build 8,100 containers for the American company Leasing Container Waterfront and the Taiwanese company Leasing Container Neo Tech. But Vinashin did not provide the specific value of these contracts.

Mr Nguyen Hong Anh general director of Vinashin TGC Container Company said that “Made in Viet Nam containers will travel around the world, asserting Vinashin’s reputation in the international shipping market.”

According to Vinashin, Viet Nam worked to make the sea related economy represent 53 to 55% of the country’s GDP and around 60% of the country’s total export turnover. According to Fairplay, an international shipping weekly magazine based in the UK, Vietnam is now the fifth largest shipbuilder in the world.