Shipbuilding industry sees 25-30 pct growth annually

Vietnam’s shipbuilding industry has grown 25-30 percent annually for the past decade in all areas, according to a report by the Government Portal.

Illustrative photo (Sources: VNA)

Illustrative photo (Sources: VNA)

Deputy Director of the Vietnam Maritime Administration Do Duc Tien made the statement at the seminar ‘Vietnam Shipbuilding Industry – New Stage of Development’ held in Hanoi on February 27.

Vietnam’s Marine Strategy to 2020 states that the shipbuilding industry is one of the two key pillars of the marine economy, which is expected to make the second largest contribution to the State budget, Tien was quoted as saying.

To realise the target, related legal documents will be amended to help shipbuilding and logistics businesses overcome difficulties, maintain production and improve their market shares while the businesses are encouraged to expand local and international links and set up joint ventures.

In addition, all economic sectors and foreign organisations will be encouraged to invest in developing the country’s fleet. A plan on developing the fleet will be devised to support its restructure, development and modernisation.

According a representative from the Broker Company, the logistics market has seen signs of recovery since early this year as shipbuilding and logistics prices rose, offering opportunities for the country’s shipbuilding industry to explore.

Vietnam’s shipbuilding industry has to compete with those of Japan and China in financial conditions and payments, so relevant agencies should create favourable conditions to attract investors to the industry, said the representative.

Vietnam currently has 120 shipyards building different types of ship with the lowest capacity of 1,000 DWT, forming an important technical foundation for the shipbuilding industry