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January 28, 2006

Vietnam sets $1 billion shipbuilding target

According to the government-controlled Vietnam News Agency, the Vietnam Shipbuilding Industry Corporation (Vinashin) has set itself a production value target of $1 billion for 2006. This compares with approximately $690 million in 2005.

Vinashin will continue an expansion program aimed at establishing three shipbuilding clusters in the northern, central and southern regions of the country.

The northern cluster will focus on containerships and tankers of around 70,000 dwt, the central cluster on ships between 250,000--300,000 dwt; and the southern cluster on ships of 30,000 dwt.

Vinashin "will strive this year to achieve the Government-set target of raising the local content rate of its products to 60 percent by 2010," says the report, which says that "construction will start this year on several accessories factories."