October 07, 2008

Vinashin revenue in Q1 up by 108% YoY

The Viet Nam Shipbuilding Industry Group has announced it earned a revenue of VND 5.1 trillion (USD 318.7 million) in the Q1 of 2008 an increase of 108% YoY. Vinashin attributed the business bonanza to its strategy of progressive re investment, which helped to enhance its production capacity.

In the first three months of 2008, Vinashin built as many as 50 large vessels ranging from 4,000 DWT to 105,000 DWT as well as dozens of smaller vessels for either private use or maritime transport.

Mr Pham Thanh Binh CEO of Vinashin said that "This quarter we recorded our highest ever growth rate with gains in both production capacity and productivity.”

Vinashin which has 40 subsidiaries recruited an additional 7,000 laborers in the first quarter. It is now one of Viet Nam's biggest employers with a total workforce of 78,500. So far Vinashin which targets revenue of over VND 40 trillion for the entire year has secured contracts with both domestic and foreign clients worth USD 12 billion.