Vietnam Shipbuilding Industry Corp (Vinashin) has signed a deal with Aalborg Industries of Denmark to establish a joint venture to manufacture ship boilers, said a Vinashin senior executive.
Vinashin will hold a 25% stake in Aalborg Industries Ltd, and the Danish company the rest, said Nguyen Quoc Anh, vice president and director of Vinashin’s business and international department.
The venture will build a US$3 million ship boiler factory in An Hong Shipbuilding Industries Park in the northern port city of Hai Phong. Anh said the plant’s products would replace imports for Vinashin, and would also be sold to others in the country.
“Vinashin has pledged with the Vietnamese government that 60% of components of our ships will be locally-made by 2010 compared to the current 30%,” Anh said. “To translate this in reality, we’ve been cooperating with foreign partners in manufacturing ship components.”
Explaining why Vinashin had selected the Danish company for the venture, Anh said, “This is a leading European boiler manufacturer, holding more than half of the world market. We expect our future products will be present in the world market.”
Vinashin has six other joint ventures—Hyundai Vinashin Shipyard, Shell Gas Hai Phong, Sejin Vinashin, Bai Can Shipping Co, Visko, and Vinakata.
Last week, the state corporation delivered a 6,300 dwt ship worth 120 billion dong to Japanese shipping firm Noma. The ship, built in Bach Dang Shipyard, is Vinashin’s first order from Japan.