Posted on 23 Jun 2008
The Viet Nam Shipbuilding Industry Group (Vinashin) has
announced earnings of VND8.7 trillion (US$527.27 million) in the first quarter
of the year, an increase of 182 per cent in revenue year-on-year.
The nation’s largest shipbuilder attributed this business
bonanza to its strategy of progressive re-investment, which has helped boost
its production capacity.
In the first three months of the year, Vinashin built 50
large vessels ranging from 4,000 DWT to 105,000 DWT (dead weight tonnes), as
well as dozens of smaller vessels for both private use and maritime transport.
It has delivered seven vessels to its clients including six
cargo ships ranging from 12,500 DWT to 53,000 DWT, and a container ship of
7,000 TEU (Twenty foot equivalent unit).
The company, which has 40 subsidiaries, recruited an
additional 7,000 labourers in the first quarter, and is now one of Viet Nam’s
largest employers with a total workforce of 78,500.
Vinashin has set a target revenue of over VND40 trillion for
2008, and has thus far secured contracts with both domestic and foreign clients
worth $12 billion.
According to Vinashin, sea-related industries represent
53-55 per cent of
The company is now the fifth largest shipbuilder in the
world, according to Fairplay, a UK-based international shipping magazine.
In an effort to maintain its dominant market position,
Vinashin, which earned a revenue of $2.5 billion last year, plans to increase
the percentage of locally produced parts to 65 per cent by 2015.
