S. Korean Shipbuilder to Build US$500Mln Dockyard in Vietnam
The Vietnamese government has given permission for South Korea’s STX Shipbuilding Co. Ltd to build a US$500 million shipyard covering 300 hectares in the central region.
Prime Minister Nguyen Tan Dung had approved “in principle” setting up the facility in Van Phong Economic Zone in Khanh Hoa province, but there were certain formalities left before official approval, Vo Lam Phi, Chairman of Province People’s Committee, said last Friday.
Dung has instructed concerned state agencies to help the South Korean shipbuilder with the formalities.
The project schedule has not been announced but the Van Phong Economic Zone authority said after the first phase the shipyard could build ships with a combined loads of 900,000 DWT a year, and in the second phase 2.5 million DWT.
The EZ is easily accessible by rail, road, and sea, has a deep-water port and is close to international shipping lanes.
The Vietnamese government has allowed the zone flexibility to offer incentives to investors.
The province is rapidly upgrading infrastructure to lure investors.
Previously, Vietnam allowed South Korean Hyundai and Vietnam’s largest shipbuilder Vinashin to set up a joint venture called Hyundai-Vinashin Shipyard. (VNS)
Vietnamese
