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The Vietnam News

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Vietnam shipbuilder signs gigantic contracts in UK

The Vietnam Shipbuilding Industry Group (Vinashin) Friday snatched two large contracts worth US$800 million with their partners in the United Kingdom. The contracts were signed during a business forum on trade, investment and tourism in London as part of the “Vietnam Days in the UK."

The Vietnamese shipbuilding giant will build 25 ships worth $110 million for Graig Investment Limited. In the other contract, it will build a floating oil tank for the Vietnam Oil and Gas Corporation (PetroVietnam), worth $680 million, with Monobuyo Company, Petromaritime Consulting and London Maritime Consultants. Over 250 delegates, including about 100 Vietnamese businesspeople and representatives of dozens of major British companies such as Standard Chartered Bank, HSBC and BP, attended the forum, which was held by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Vietnamese Embassy.

Addressing the forum, Minister of Planning and Investment Vo Hong Phuc confirmed that the legal and policy framework on investment and business of Vietnam have been improved with a view to creating a common legal system for both foreign and domestic investors, removing investment barriers, diversifying forms of investment and enterprises, and assuring transparent regulations of investment protection. A number of UK entrepreneurs supported Phuc, saying Vietnam's policies had been improved, thus creating a good investment environment to foreign investors. Meanwhile, many Vietnamese entrepreneurs said that investment cooperation between the two sides remained modest as many UK enterprises had yet known much about Vietnam.

The “Vietnam Days in UK” convention was organized on Oct. 4-8 in London to promote cooperation between the two countries through a series of entrepreneurial forums, meetings and conferences.

Vietnam News Agency - October 8, 2006.