MHI in Vietnam venture

Mitsubishi Heavy Industries (MHI)of Japan is making an important investment in Southeast Asia. It will build a ship repair yard as a joint venture with Mitsui OSK Lines, Japanese trading company Marubeni Corp and local state-owned shipbuilder Vinashin. A first dock should be up and running by 2010. A second dock for shipbuilding is being mulled. MHI is the latest Japanese yard to head overseas amid high costs at home and an ageing workforce.