Vinashin and Songsan jv

State-run shipbuilder Vinashin in Vietnam has joined forces with South Korea?s Songsan Company to form a joint venture to produce steel structures for shipbuilding. The Songsan-Vinashin JV will invest $35 million to build a factory in the northern Hai Duong Province.

The steel mill is set to come on stream in the second quarter of 2008 and is designed to produce steel structures for shipbuilding yards including Vinashin, replacing imported products in the national industry. The shipbuilder wants 60% of its steel to be sourced locally by 2010 from the current 30-40%.