Friday, March 28, 2008

Mitsubishi Heavy in Vietnam yard venture

Mitsubishi Heavy Industries of Japan is making a landmark investment in southeast Asia.

It will build a ship repair yard as a joint venture with Mitsui OSK Lines, Japanese trading company Marubeni Corp and local state-owned shipbuilder Vinashin. A first dock should be up and running by 2010. A second dock for shipbuilding is being mulled. Mitsubishi Heavy is the latest Japanese yard to head overseas amid high costs at home and an ageing workforce.

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