There was a huge potential for the domestic shipping industry to develop, thanks to the country's geographical location along many important marine routes. — Photo: SBIC

HA NOI (Biz Hub) — Fourteen contracts were inked between Vietnamese shipbuilding companies and domestic and foreign partners during the eighth International Exhibition on Shipbuilding, Shipping and Offshore Technology (Vietship2016) in Ha Noi.

The contracts are worth more than VND500 billion (US$22.22 million).

Among them are contracts to build three 6,500-tonne chemical tankers, which were signed by Pha Rung Shipyard Co, Hoang Thai Co and two South Korean firms, BS Shipping Co and Yentec Co and deals to build two container vessels of 3,000 tonnes, which were signed by Hiep Phuoc Transport Co and Ben Thuy Shipbuilding Co.

Deputy Minister of Transport Nguyen Van Cong said there was a huge potential for the domestic shipping industry to develop, thanks to the country's geographical location along many important marine routes.

In his speech at the exhibition, Cong said the event was a good opportunity for local businesses to present themselves internationally and to update themselves on the latest trends in the shipbuilding industry.

Nguyen Ngoc Su, member's council chairman of the Shipbuilding Industry Corporation (SBIC), the exhibition's organiser, said the exhibition has been organised this year amid signs of recovery being shown by the world marine and shipbuilding industry, after suffering the impact of the global economic crisis.

He said he believed the event could provide recommendations to policymakers to further facilitate the development of industries.

The expo ends today. — VNS