Vinashin targets high growth at 100% in 2011

Vietnam Shipbuilding Industry Group (Vinashin), one of the largest state-owned enterprises in Vietnam targets to double its 2010 revenue in 2011

Vietnam Shipbuilding Industry Group (Vinashin), one of the largest state-owned enterprises in Vietnam targets to double its 2010 revenue in 2011, the online newspaper Danviet reported on February 15, citing the Ministry of Transport at the meeting on year-end summation of 2010.

Vinashin had 153 contracts and handed over 64 ships worth $577 million in 2010 after restructuring although it is still in the crisis, the Ministry said.

The group will earn $1.387 billion from 87 valid contracts and $377 million from building 16 new ships in 2011, Hoang Trung Hai, Deputy Prime Minister said at the meeting on restructuring Vinashin group.

Ealier in September, The Vietnamese Government decided to provide Vietnam Shipbuilding Industry Group (Vinashin) with VND2.5 trillion charter capital to develop its shipbuilding business and complete 2010 orders and other main products of 2010-2011 as well.

This capital will be fairly distributed that prefers to the orders of 2010, imperative works, salary and social insurance, main products as well. The disbursement will last from September to December 2010. – Stoxplus.com

Tags: Vinashin