Domestic, foreign firms enter into valuable contracts at Vietship hinh anh 1The middle-speed ship named Hung Phat 26 is launched in Binh Thuan province in September 2015 (Photo:

Hanoi (VNA) – Nineteen contracts and agreements on shipbuilding worth over 500 billion VND (22.4 million USD) were reached at the eighth International Exhibition on Shipbuilding, Shipping and Offshore Technology (Vietship 2016) from February 24 to 26.

Domestic and foreign partners signed the agreements with Vietnamese shipbuilding companies, said Nguyen Ngoc Su, Chairman of the members’ council of the Shipbuilding Industry Corporation (SBIC), which organised Vietship 2016.

They included a Memorandum of Understanding (MoU) between the SBIC and the bank BNP Paribas on shipbuilding funding and guarantees, and an MoU between the SBIC and Russia ’s Berkut company.

Another MoU was signed between A.S Associates Inc., One Asia Group and the Ha Long Shipbuilding Co. Ltd on building ships for US, European and Asian partners.

SeA Bank and Ha Long Company, which are Vietnamese firms, also agreed on the funding for shipbuilding and repairs.

Others agreed to build three chemical tankers, two high-speed patrol boats and two cargo vessels. Four fishing boat contracts were also signed, Su added.

The biennial event presents opportunities for businesses and investors to access the latest information in the field, share cutting-edge technology and seek investment opportunities to develop the shipbuilding industry in Vietnam and the world at large, Deputy Minister of Transport Nguyen Van Cong said at the opening ceremony.

The exhibition drew 220 stands from 130 companies, including 78 foreign firms from Germany, the Netherlands, Turkey, the US, France, the UK, Finland, Denmark, the Republic of Korea, Norway, Russia, Japan, Singapore, Malaysia and China.-VNA