The shipyard which is part of a master plan shipbuilding industry development till 2010 approved by the Prime Minister has a total investment of 260 billion VND.

The shipyard will be directly managed by the Hai Phong Equipment Manufacturing and Shipbuilding Company (LISEMCO) under the LILAMA, expected to build annually five new vessels and repair nine others with a loading capacity of 6,500 DWT each.

LISEMCO general director Tran Viet Khanh said the yard has been planned to become a national top industrial equipment manufacturing centre, capable of building 10,000 DWT-capacity vessels.

At the inaugural ceremony, LILAMA also handed over a 3,300 DWT container ship and laid keel for another under a shipbuilding contract worth of 5.6 million USD with Germany.