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Vinashin sets up joint venture with Damen

(VnEconomy) The Vietnam Shipbuilding Industry Corporation (Vinashin) has signed a contract with its Dutch partner, the Damen Shipbuilding Corporation, to set up a shipyard in the northern port city of Hai Phong. The 42-ha Damen-Vinashin shipyard will be built at an estimated cost of 30 million euros. It is scheduled to start operating after two years of construction. Upon its completion, the joint venture will manufacture various kinds of ships like tug boats, high-speed ships, and vessels for offshore service. The establishment of the joint venture marks a new development stage in the cooperation between the Damen and the Song Cam shipyard of Vinashin, which has cooperated in building SAR rescue ships in Viet Nam for many years.