The global shipbuilding industry has been facing a host of challenges but the recent signing of contracts by many businesses has brought hope for local shipbuilders that renewed development awaits.

The Pha Rung Shipbuilding Company, under the Shipbuilding Industry Corporation (SBIC), has signed a contract with the Yentec Company in South Korea to build five oil and chemical tankers with a capacity of 13,000 DWT each.

Director General of the Pha Rung Shipbuilding Company Vu Huu Chien said the contract is important in maintaining the company’s stable operations, creating jobs for hundreds of workers, and making use of expensive shipbuilding equipment.

The contract also helps promote the capacity and prestige of Vietnam’s shipbuilding industry, he added.

Since 2007, the Pha Rung Shipbuilding Company has built ten oil and chemical tankers with a capacity of between 6,500 and 13,000 DWT for customers from South Korea and elsewhere, as well cargo vessels with a capacity of up to 34,000 DWT for both domestic and foreign customers.

Chairman of the Yentec Company Park Zangaha told the signing ceremony that this is the third time the two companies have agreed to terms and signed contracts. The Pha Rung Shipbuilding Company’s professional working style, high-quality products, and competitive prices are decisive factors for the Yentec Company, he said.