Aalborg opens Vietnam factory

After three years of planning, the Danish-Vietnamese joint venture Aalborg Industries Vietnam opened a new production plant in the northern port city of Haiphong’s An Hong Marine Industrial Zone, one of the main centres for the Vietnamese shipbuilding industry.

The new 2,700 square metres facility is a joint venture between Vietnam Shipbuilding Industry Corporation (Vinashin) and Aalborg Industries Ltd. Co., a unit of the Denmark-based Aalborg Industries Group. The Danish company and the Vietnamese partner Vinashin invested $3 million in the joint venture plant, which will supply marine boilers to the rapidly growing shipbuilding industry in the region. The factory is projected to supply 70 boilers per year, 70% of which will be exported, said Aalborg Group president and CEO Jan Vestergaard Olsen. The group is the market leader with a 50% share of the world market for marine boilers, Olsen said.

The additional facility brings to 15 the number of the group’s subsidiaries around the world. The group’s revenues last year reached $285 million.