Vinashin Plans Multi-billion USD Investment in Nam Dinh

12:19:42 PM | 19/5/2007

Vinashin Business Group, the largest shipbuilder in Vietnam, plans to invest billions of US dollars in projects in northern Nam Dinh Province, around 80 km east of Hanoi, state media reported.
The unlisted Vinashin will build a series of seaports, dockyards, urban zones and thermal power plants, oil depots, refineries, an airport for short-range planes and tourist sites in the province, it said.
To date, Vinashin has invested VND2.5 trillion (US$156 million) to build Thinh Long shipyard, the 185-MW Song Hong thermal power plant and the Vinashin ship equipment factory in Nam Dinh.
These three facilities will become operation between 2008 and 2009.
Pham Thanh Binh, CEO of Vinashin, said at the meeting publicizing the ambitious $1.5 billion investment in a north-south ship route, that Vinashin needs some $4 billion for investment projects from now until 2010.
Vinashin plans to issue bonds worth of VND3 trillion this year to raise funds for its projects. Vinashin reported revenues of nearly VND11,500 billion ($718.75 million) in 2006, up 44.1 per cent on year.
In 2007, Vinashin targets raising revenues to VND18,500 billion ($1.16 billion). Vinashin, set up in 1995, now has up to 100 affiliates in 25 province and cities nationwide. The corporation has over 33, 000 employees. (VNA)