Hoang Anh Shipbuilding Ltd. Co.: Vinashin's Promising Subsidiary

Hoang Anh Shipbuilding Ltd. Co.: Vinashin''s Promising Subsidiary
 
Hoang Anh Shipbuilding Industry Joint Stock Co. developed from a small shipyard set up by Nguyen Van Tuyen. In May 2003, the company became a member of the Vietnam National Shipbuilding Industry Corporation (Vinashin) with initial registered capital of VND10 billion (US$641,000). The company has showed great potential and prospects in the industry despite being only a new subsidiary of the shipbuilding corporation.
 
Hoang Anh Shipbuilding Co. is located in Xuan Truong District in the northern province of Nam Dinh, considered an advantageous position for transporting. The company’s large vessels with capacity to carry 1,000-3,000 tonnes of goods will be transported by railway to the Eastern Sea at the Lac Giang mouth of Ninh Co River. The company directorate’s manufacturing motto is “Productivity-Quality-Effectiveness”. To reach set targets, apart from investing in upgrading and expanding production with new modern equipment and machinery and applying progressive technologies to production, the company leaders also paid special attention to training the staff, technicians, and workers.
 
Thanks to these measures, the company has made some early encouraging achievements. Since becoming a member of the Vinashin Corp., Hoang Anh Shipbuilding Industry Co. has made leaps in term of productivity. Previously, the company could build and repair vessels with total output of around 4,000 tonnes per annum. This figure rose to 12,000 tonnes in 2003. Total revenues jumped 2-3 fold. Moreover, before joining Vinashin, the company operated on a small scale and could only build ships with a capacity of 1,000 tonnes each. Now, Hoang Anh Shipbuilding is on an upward path of development. It is capable of building up to ten 2,500-3,000-tonne vessels a year. In 2003, the company turned out seven of these vessels, acheiving total revenues of VND30 billion (US$1.92 million).
 
The firm’s total profits in the first six months of this year went up by 1.38 times against the same period last year. Hoang Anh’s director Nguyen Van Tuyen said “we expanded our production scale not only to raise outputs and revenues, but also with the aim of creating more jobs for local people”. Currently, the company employs over 300 workers. And since its establishment, the firm has provided jobs for over 400 labourers.
 
Despite the short period of time since becoming a Vinashin member, Hoang Anh Ltd. Co. has made considerable progresses in terms of productivity and manufacturing effectiveness and it is gradually developing its foothold in the market. With these proud achievements, Hoang Anh Shipbuilding Co. was recognised by the Vietnam National Shipbuilding Industry Corporation as one of the leading companies in the field of building waterway-transporting vehicles in the Red River Delta Region in 2002 and 2003. Last year, Vinashin granted the company the appellation of excellent unit in terms of emulation. Hoang Anh firm was also awarded two certificates of merit by Nam Dinh People’s Committee and Xuan Truong District People’s Committee.
 
Currently, Hoang Anh Shipbuilding Industry Joint Stock Co. is carrying out the first phase of its strategy on studying, analysing and assessing market potential, advantages, technologies, human resources and the investment environment. The project has a total investment of VND170.8 billion (US$10.95 million). After completing the project (in 2008), the company will be able to build vessels with a goods capacity of 6,500 tonnes each and other high-quality vessels for export in the coming time.
 
In 2005, when the first phase of the project with investment of VND59.5 (US$3.8 million) is complete, the company will be able to build 5,000-tonne vessels and its products will be present in all major seas in Vietnam. A bright future awaits, promising new achievements by Vinashin’s subsidiary.
Khanh An