Plans for STX shipyard in Vietnam in doubt

Vietnam: The Van Phong Economic Zone Management Board has said that it would not wait long to hear back from Korea-based STX Group’s Vietnamese subsidiary, STX Vina Company, on the outcome of an application to extend a project timeline.

In early 2008, STX was granted a license to build a shipyard in the Khanh Hoa Province but STX Vina was forced to apply for an extension on the project timeline due to pressures from the global financial crisis.
The proposed shipyard would be capable of building vessels up to 400,000DWT.

“If the investor doesn’t answer our requirements within this month, we will revoke the shipyard’s investment certificate,” Nguyen Trong Hoa, the Director of the Van Phong Economic Zone Management Board told VietnamNet.

“We contacted STX Vina’s office in Hanoi and it told us it was waiting for a decision from its mother company, the STX Group. But, we cannot wait too long. Frankly, we don’t know if the investor would still invest in this project.”
 

Source: Baird Maritime