Vinashin, Czech firm ink deal to outfit ships

(23-03-2007)

HAI PHONG — The Shinec Shipbuilding Joint Stock Co, a subsidiary of Vinashin, signed an agreement on Wednesday to establish a joint venture with the Czech Republic’s Viking Cordage Co.

The joint venture will invest US$5 million in a factory in the Vinashin-Shinec Industrial Zone in Hai Phong’s Thuy Nguyen District.

The facility will manufacture devices for navigation which have not been previously produced in Viet Nam, including nets and cables made from natural and artificial fibres, according to Shinec.

The new facility would go into operation next year.

Shinec specialises in producing ship interiors. The company has previously supplied products to customers in the Czech Republic and the UK.

This is the second foreign-invested project in the Vinashin-Shinec Industrial Zone.

At the beginning of this month, Vinashin Group signed a $30 million contract with Finland’s MacGregor Co to establish a joint venture to produce some kinds of specialised equipment for domestic and foreign shipbuilding enterprises.

These joint ventures will contribute to the increasing level of domestic content in Vietnamese shipbuilding. — VNS