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| Vinashin breaks ground on the US$281 million Yen Hung Shipbuilding Complex in the north-eastern province of Quang Ninh. — VNA/VNS Photo Nguyen Dan |
QUANG NINH — Pha Rung Shipyard under the Viet Nam Shipbuilding Industry Group (Vinashin) began construction of the Yen Hung Shipbuilding complex on Sunday in Dong Bai Industrial Complex in the north-eastern province of Quang Ninh.
Covering 400ha, the VND4.5 trillion (US$281 million) project will feature a shipyard, an auxiliary and repair facility and a ship engine factory.
The 214ha Yen Hung shipyard will cost VND1.46 trillion ($91 million). It is expected to build between 10-16 vessels of 70,000DWT (death-weight-tonne) a year once fully operational in 2012. After that, the shipyard may be expanded to build larger ships of up to 150,000DWT.
The VND1.49 trillion ($93 million) Yen Hung repair and auxiliary facility hopes to be operational by the end of next year. It is expected to repair between 20-40 vessels of 50,000 DWT a year.
The Vinashin-Man-Pha Rung factory is also scheduled to be finished by late 2009. A large portion of its total investment capital of VND1.5 trillion ($93.7 million) will be spent on modern technology. It is hoped that the factory will produce around 40 engines a year.
Built to satisfy the increasing demand of the domestic shipbuilding industry, the factory will see Viet Nam join Japan, South Korean and China as the only other nations capable of producing ship engines.
Once completed, the complex will give Yen Hung’s industry-service sector a huge boost by creating 10,000-15,000 new jobs. —
