Posted on 16 Feb 2009
Vietnam Shipbuilding Industry Group expects revenues to rise 34% this year as it builds more vessels to meet rising demand, Nguyen Quoc Anh, its deputy general director and chief business officer, said.
Net sales at Vinashin, as it is known, would rise to 43.5 trillion dong (US$2.5 billion), from 32.5 trillion dong last year, Anh said by telephone on Thursday.
The country's marine-transportation demand is increasing and "will be very large by 2015," a statement on the government's website said Wednesday.
That may rise to 25 million tonnes by 2020 on increased output of crude oil, coal and other mineral products, as well as growth in imports, according to the statement.
Vinashin plans to build and export ships worth US$1 billion this year, from about US$700 million in 2008, Anh said.
The Hanoi-based company also plans to issue US$400 million worth bonds this year. "The timing for the sale will depend on the market situation," he said.
At a meeting with Vinashin executives Wednesday, prime minister Nguyen Tan Dung said the group should not spread itself too thin but concentrate on it core business.
Despite its achievements, Vinashin's financial situation is not sustainable, he warned.
