HK company to build shipyard in Viet Nam

Hong Kong-based Sam Woo Holdings, a marine transportation company, has signed a memorandum of understanding with Viet Nam?s Nha Trang Vinalines Marine to build a shipyard in Viet Nam. Work on the 60-hectare complex is scheduled to begin by the end of the year at a cost of at least $60 million.

Sam Woo?s chairman, Lau Chun-ming, said the project that is scheduled for completion in 2010, would include two docks and six wharves. Once completed, the shipyard will be capable of building two special purpose vessels, refitting three to four semi-submersible heavy cargo vessels and conducting regular maintenance on between 10 to 12 vessels a year.

Lau Chun-ming said Viet Nam was chosen due to its abundance of oil fields and iron ore that are key ingredients for the development of the shipyard industry.