VietNamNet Bridge - Key petrochemical projects have been proceeding at a snail’s space, which will affect Vietnam’s petrochemistry industry development plan. The latest report of the State’s steering committee on major petrochemical projects shows that many projects have been going more slowly than scheduled. These include the Dung Quat Oil Refinery expansion, Nghi Son Petrochemical and Refinery and the Southern Petrochemical Complex. As for Dung Quat, the negotiation with Russian Gazprom Neft (GPN) on the frame agreement on the Russian group purchase of 49 percent of Binh Son Petrochemical Company has failed to wrap up by June 30. This was due to big differences in valuation and complicated procedures for settling BSR’s debts. The implementation of the $9.9 billion Nghi Son petrochemical and refinery project is now on schedule after the plan was adjusted. By the end of April, 44.79 percent of total work had been done, which means that the plan to finish … [Read more...] about Projects slow Vietnam’s petrochemistry industry
Hyundai heavy industries
Prime Minister Phan Van Khai of Viet Nam on Thursday visited the Hyundai heavy industry company in Pusan city and the Posco steel company in Posco city. The Vietnamese Government leader, who has been on an official visit to the Republic of Korea, expressed satisfaction at the two companies' effective investment in Viet Nam, citing a steel pill factory and a ship-building joint venture with the Hyundai company as well as the Posco company's Posivina and VPS joint ventures. Khai said he wished to see more investment in more areas in Viet Nam from these two companies in particular and from the RoK business circles in general. He said he believed that the agreement on investment encouragement and protection recently signed by the two Governments would create more favourable conditions for RoK investors to make profits in Viet Nam. In the afternoon, PM Khai received Park Young Cha, President of the Tae Kqang company of the RoK and Viet Nam's honorary Consul General to the Kyong Nam-Pusan … [Read more...] about Prime Minister Phan Van Khai works with heavy industries’ executives of RoK
Under the agreement of the Prime Minister, Khanh Hoa Province People's Committee has licensed Oshima Shipbuilding Co., Ltd. to Oshima Shipbuilding Factory at Cam Thinh Dong Commune, Cam Ranh City. This is a significant project of the province as well as the city in the marine economy developing program, aiming to make Cam Ranh to become an industrial urban area in the Southern province. It's also an big opportunity for ship building industry of the province to develop more strongly. The Japanese company is a joint venture of Sumitomo Corporation, Sumitomo Heavy Industries and Daizo Corporation. Oshima Shipbuilding is the only shipbuilding company in the world that specializes in the fabricatio. The factory is planned to cover 304 hectares, including 144 hectares of land and 160 hectares of water. It is estimated to cost VND3,780 billion, equivalent to USD180 million. This foreign invested project will last 50 years. In the period of 2012 - 2013, its ground clearance will be finished. … [Read more...] about Opportunity for Khanh Hoa’s ship building industry
VietNamNet Bridge - Opinions from a well-informed circle say South Korean and Japanese "big guys" would jump into the Vietnamese shipbuilding industry. Does it mean the shipbuilding industry will be saved? Cheolhwa Jung, CEO of Samsung Heavy Industries, said the businessmen came to Vietnam to lay a foundation for a new strong investment wave in 2014. Meanwhile, a member of the group of businessmen said setting up a shipyard in Vietnam under the mode of joint venture or 100 percent foreign owned enterprise is a Samsung's business plan for short term. The shipbuilding industry has been named as one of the six priority industries in the Vietnam's industrialization strategy set up within the framework of the Vietnam - Japan cooperation program by 2020. This means that Vietnam has shown its strong determination to continue developing the shipbuilding industry, despite the failure of Vinashin, the "eldest brother" in the industry. Vinashin, now short for Shipbuilding Industry … [Read more...] about Koreans and Japanese to rescue VN shipbuilding industry?
Vice Admiral Ronald Joseph Mercado (Source: philstar.com)Hanoi (VNA) – ThePhilippines has relieved Vice Admiral Ronald Joseph Mercado from his positionof Philippine navy chief, announced the National Defence Department of the Philippineson December 20.Speaking with reporters, DefenceSecretary of the Philippines Delfin Lorenzana said the navy chief was sackeddue to a disagreement over the building of two new warships worth 15.5 billion PHP(309 million USD). In 2016, the Philippine Governmentinked a deal with Hyundai Heavy Industries of the Republic of Korea to buildtwo warships to be delivered in the Philippines in 2020 and 2021, respectively.Lorenzana said the project wasalready several months behind schedule because the navy had failed to completea design review on the vessels in time for the contractor to start work.He alleged the navy chief wasdelaying the project to force the government and Hyundai to award a separatecontract for the warships' combat management system to … [Read more...] about Philippines announces reason for navy chief removal