Plan on developing shipbuilding industry approved

Accordingly, the current system of shipbuilding plants across the country will be restructured with utilization of the infrastructure and human resources. Support industry for shipbuilding, ship markets and ship repairing services for local demand and export will be developed.

In addition, professional and skilled human resources in accordance with international standards, as well as R&D capacity will be enhanced.

In the last quarter of 2014, the Ministry of Transportation will begin forming three linked shipbuilding clusters, several key businesses and a fund for developing the shipbuilding industry in the 2015-2020 period. Strategic partnership between potential investors and shipbuilding businesses will be also established while one R&D centre in the north will be constructed.

The Ministry of Finance will review preferential taxes for imported materials and components as well as tax policies to shipbuilding businesses and suggest further priorities as regulated. It will also simplify administrative procedures related to this prioritized area.

The country has planned to turn the shipbuilding industry into a spearhead industry by 2020 in realizing the maritime economic strategy; focus on developing several products suitable with the country’s development situation; build trust in a country with high-quality shipbuilding industry in the world market; and strive for 5-10% production growth rate by 2020.