Vietnam-the next Asian Tiger? Message Board

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Strategies & Market Trends : Vietnam-the next Asian Tiger?

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From: Mannie	2/23/2007 1:55:58 PM
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Vietnam greenlights $500 mln Korean-built shipyard The Vietnamese government has given a nod for the STX Shipbuilding Co. Ltd, a South Korean firm, to build a US$500 million shipyard covering 300 hectares in the central region. Prime Minister Nguyen Tan Dung had approved “in principle” setting up the facility in Van Phong Economic Zone in Khanh Hoa province, but there were certain formalities left before official approval, Vo Lam Phi, head of the province people’s committee [local government] said Friday. Dung has instructed state agencies concerned to help the company with the formalities. The project schedule has not been announced but the EZ authority said after the first phase the shipyard could have an annual capacity of 900,000 DWT and the second phase 2.5 million DWT. The zone has recently seen a potential influx of foreign investment. Japanese group Sumitomo plans to invest $4 billion to build a 2,640MW thermal power plant. SP Chemicals Co. Ltd. of Singapore hopes to invest build a 1 million ton per annum petrochemical factory at a cost of $1.2 billion. South Korea’s Posco group seeks to build a $1.5 billion steel complex with a capacity of 4-8 million tons of steel a year. The EZ is easily accessible by rail, road, and sea, has a deep-water port and is close to international shipping lanes. The Vietnamese government has allowed the zone flexibility to offer incentives to investors. The province is rapidly upgrading infrastructure to lure investors.

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