President and CEO of Vinashin Group Pham Thanh Binh stated this goal at a ceremony in Hanoi on July 8 to announce the Prime Minister's decision to establish the Vinashin Group and to mark its 10^th anniversary.

Speaking at the ceremony, Deputy Prime Minister Truong Vinh Trong stressed that the PM's decision was attributed to Vinashin’s ability and development in business and management.

In the coming period, the group will concentrate on expanding existing shipyards and building additional ones to form major shipbuilding complexes in the country's northern, central and southern regions.

Applying modern technologies and building factories to manufacture supportive components are mentioned in the plan, as the Group aims to increase the percentage of locally produced spare parts to 60 percent by 2010.

Over the past decade, the Vinashin Group has attracted 93 affiliates and has registered an annual growth rate of 35-45 percent. It has to date sealed contracts worth over US$5 billion, some of which are with large companies from well-known shipbuilding countries.