SBIC, set up to replace Vinashin, will focus on building and repairing ships. — Photo cafef.vn

HA NOI (Biz Hub) — The Shipbuilding Industry Corporation (SBIC) has signed a memorandum of understanding with Damen, one of the leading shipyard groups of the Netherlands, to develop business cooperation.

Chairman of SBIC Nguyen Ngoc Su stated this at a recent meeting, which was reported by VnEconomy.vn.

Su said Damen Group would bring contracts from other countries for SBIC‘s shipbuilding companies this year.

SBIC expects to earn nearly VND7.5 trillion (US$357.1 million) this year, an increase of 120 per cent over 2013, with more than VND5.2 trillion coming from shipbuilding.

SBIC was set up by the Ministry of Transport last year, as part of the restructuring of the heavily indebted Viet Nam Shipbuilding Industry Group (Vinashin). SBIC is a one-member limited company operating under the model of the mother company and its eight members.

With a total registered capital of VND9.52 trillion or US$449.06 million, SBIC focuses on building and repairing ships, as well as on recycling and converting old vessels into scrap metal. — VNS