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Vietnam is to set up the country's first shipping container manufacturing unit and, accordingly, Vietcombank has agreed to provide more that $16.5 million to a joint venture company towards financing the unit.

The total project cost is estimated at $22 million, 75 per cent of which is being funded through the bank with the balance amount coming from the joint venture partners — Vietnam Shipbuilding Industry Group (Vinashin) and Taiwan-based Toong Goen Co. The unit, to be located in Hai Duong Shipbuilding Industry Zone, will be have an annually capacity of 30,000 TEUs in the first phase, expected to double in the second phase, according to Shipping Gazette.

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