Vinashin joint venture targets revenue surge

TN News

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Hyundai Vinashin, a Vietnamese shipbuilding joint venture, has started work on three big ships for foreign buyers, targeting a 67 percent increase in revenues this year, the government said.

The ships, with a height of between 15 and 18.6 meters, were ordered by one Turkish and two Korean companies. They are expected to be ready for delivery from January to March 2012, the government said in a report on its news website Saturday.

The joint venture between Korea's Hyundai Heavy Industry Group of Korea and Vietnamese shipbuilder Vinashin terminated its ship repair business in March to switch to building new ships.

It has invested US$35 million for new production facilities in the central province of Khanh Hoa to increase its capacity to 20 large ships a year.

The company aims to deliver 12 new ships in 2011, earning US$490 million.

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