Vinashin records increased growth

The Viet Nam Shipbuilding Industry Corporation (Vinashin) has generated a turnover of VND7.8 trillion ($493 million) last year, marking a 41% jump over 2004 revenue.

Last year the corporation signed a number of major construction contracts for large cargo ships. Many of the deals were for the export market including Denmark, UK and Poland.

Vinashin last August closed a $68 million deal to supply four container ships to Denmark?s Rederiet Fabricius A/S while it signed a $212 million contract to build eight cargo ships for UK-based Graig Investment Company.

Vinashin this year expects to gain a turnover of more than VND11.2 trillion ($705 million), a year-on-year increases of 44%. The corporation said it would focus on research and development to improve its technical production capacity, and planned to upgrade its facilities by co-operating with shipbuilders from Japan, South Korea, Poland and the Netherlands. Vinashin intends to step up its promotional activities to further penetrate the Japanese and European Union markets.