Vietnam to enlist Samsung for shipbuilding industry restructure

19 February 2014 (Last Updated February 19th, 2014 18:30)

The Government of Vietnam plans to enlist Samsung onto a project to restructure the local shipbuilding industry.

The Government of Vietnam plans to enlist Samsung onto a project to restructure the local shipbuilding industry.

As part of the strategy, relevant bodies have been targeted to accelerate co-ordination efforts, reported Viet Nam News.

The Ministry of Planning and Investment (MPI) will propose several potential projects to the South Korean company, in a bid to secure investment funding.

According to VietNamNet Bridge, the Ministry of Industry and Trade (MOIT) will hold working sessions with Samsung and the Shipbuilding Industry Corporation (SBIC) about the investment and restructuring of the shipbuilding industry.

Samsung Group’s subsidiary, Samsung C&T, recently signed a memorandum of understanding (MoU) with MPI, committing the company to construction projects ranging from building hydro-power plants to creating telecoms infrastructure.

In December 2013, the Vietnamese prime minister approved a strategy for the development of the shipbuilding industry, which will commence in 2020 with expected completion in 2030.

The plan includes utilising the capacity of existing shipyards, as well as building new yards and repair facilities.

Vietnam also plans to set up large-scale ship repair centres in connection with major sea ports and international maritime routes.