Shipping Industry Engineering Joint-Stock Company

3:26:23 PM | 7/8/2005

Established on November 26^th 2001, the Shipping Industry Engineering Joint-Stock Company (Shinec) achieved a total production value of approximately VND200 billion (US$12.8 million) and revenues of more than VND100 billion (US$6.4 million) in its first year of operation alone, much higher than planned. Consequently, it is recognised as the most successful joint stock unit of the Vietnam Shipping Industry Engineering Corporation.

The key to the success of Shinec is that it is well known for fostering a solid work ethic among each individual within the company. Mr. Pham Hong Diep, General Director of Shipping Industry Engineering Joint-Stock Company said: "Our point of view is that we must attract good labour first, then suitable business venture objectives later".

Shinec has invested in three significant projects, comprising a shrimp feed company, wood processing and interior fittings for ships, and a plant manufacturing metal interior fittings for ships. The ship fittings are the major focus of Shinec's operations.

Shinec's ship interior products have satisfied the increasing needs of a large and varied client base. Many products comply with the Solash standard of International Marine Code, such as wall panelling installations or ceiling panel installations. Shinec's products are manufactured using modern materials such as temperature and water resistant mineral fibres, or super durable and lightweight alloy materials.

Along with the development of Vietnam's shipping engineering industry, Shinec has successfully implemented various manufacturing projects installing the latest technology in ships. Notably, the company has tried to use as many domestic materials and parts as possible in the production process. This factor has helped the company to reduce its costs by 20 – 25 per cent in comparison with imported materials and parts. The company has also successfully designed and implemented an ISO 9001:2000 quality management system in its operations.

At present, Shinec's products hold some 30 per cent share in the domestic market and 10 per cent in overseas markets. To the second quarter of 2004, Shinec's domestic value reached VND196 billion (US$12.4 million), of which VND9.246 billion (US$590,000) was contributed to the state budget and VND20 billion (US$1.28 million) for re-investment. The company now employs more than 360 permanent labourers. In 2004, Shinec was honoured with the prestigious the Vietnam Gold Star Award in the field of metalwork and mechanics for its interior ship fitting products.