Feature 1 | Vietnamese shipbuilding
The Hanoi Government will borrow Name of shipyard Construction/Production capabilities
US$500billion from the International
Development Bank, Vinashin Business Dung Quat shipyard • Vinashin is the sole investor and will
Group (The Vietnamese Shipbuilding eventually be one of the largest shipyards in
Corporation) which operates some South East Asia and located in Dung Quat
200 subsidiaries, will benefit because economic zone. The yard is constructed to
US$200million of this money has been build vessels up to VLCC in docks of 520m x
earmarked to support Vinashin to build 110m and 380m x 86m with a 3000m. quayside.
vessels that have been ordered, but whose It will also be the builder of Petrovietnam’s two
owners can no longer pay for the ships. new 104,000dwt Aframax and VLCC tankers.
“We will build the ships and re-sell them,”
explained Vinashin Business Group’s chief Hyundai-Vinashin shipyard • This yard is a joint venture between Vinashin
business officer Mr Nguyen Quoc Anh. He (with 30% ownership) and the Korean Hyundai
added: “Many owners are not in a position Mipo Dockyard. It was originally built as a
to pay for the ships they ordered, but we repair yard for vessels up to 400,000dwt but
have re-sold three 53,000dwt Diamond has been upgraded and is now also capable of
handymax ships to German owners offshore structures.
already”. What is more the sales that have
taken place in essentially a buyers market Nha Trang shipbuilding industry • This yard is to build 12 cargo freighters
were set at US$30.1million per ship, higher company (Nha Trang SICO) of 20,000-36,000dwt and three 250TEU
than the original building contract which container carriers with a total value of US$462
was around US$25-26million. million for Vinashin Petroleum Investment,
According to Mr Anh the local press do Transport Joint Stock Company, Vinashin
not understand the shipbuilding industry Ocean Shipping Company and Southern
and reports that the company is about to Industrial Development Company. All these
go bankrupt, although wide of the mark, four companies are the members of Vinashin
have caused considerable anger within Business Group and the first ship will be
the Vinashin Group. Even so Mr Anh handed over by 2009 and the order to be
concedes that only the five biggest yards completed by 2011.
have full orderbooks that will provide work
until 2012. He also admits that while the Danang shipyard • This yard is capable of constructing cargo
company’s orders stood at US$11billion freighters of 20,000dwt and repairing ships of
three years ago that figure has now fallen 30,000dwt, and is also equipped with advanced
by more than 50% to US$4.7billion taking shipbuilding technologies. It has an initial
the company up to the end of 2010. investment capital of around US$38 million.
It is this decline in the orders, a global
phenomenon that has blighted all Phu Yen shipyard • This shipyard is currently building eight
newbuilding yards, that has prompted fears barges of 200dwt for a domestic company and
of a collapse of an industry that provides four fishing vessels of 600hp each for ASEAN
vital foreign currency and employment for clients. Upon completion of the second phase
workers beyond the confines of the yards it will be able to construct fishing vessels of
themselves in related industries such as 1000hp and cargo ships of 3000dwt.
steel and component manufacturing.
Hanoi’s policy towards the global
table 2. new building and repair activities in main centre cluster shipyards.
maritime industry, however, tells its own
story. A VND1.5trillion (US$83.5million)
debt repayment, plus a VND3trillion “Shipbuilding is a very attractive industry shipbuilding industry affects the Vietnam
(US$167.9million) equity injection in for developing nations as it can bring in economy in various positive ways, such as
addition to the US$200million in loans, substantial amounts of foreign currency, supporting the shipping industry, increasing
should keep Vinashin afloat. due to transactions in the market being employment, assisting the development
These cash advances will play a role largely carried out in US dollars”. of technology in all shipbuilding related
in securing the wider economy as well This is not a new path, but rather one industries and stimulating demand for
as the shipbuilding interests. According that has been well trodden by the Japanese, domestic products”.
to the 2008 Organization for Economic South Koreans and Chinese ahead of the It is for these reasons that the
Co-operation and Development (OECD) Vietnamese venture. Vietnamese Government has made
report on Vietnamese shipbuilding states: The report went on to explain: “The shipbuilding a key export industry and it
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