With the purpose of developing the ocean economy of the country and improving the comprehensive capacity of shipbuilding industry of Vietnam and under the approval of Vietnamese government, Vietnam Shipbuilding Industry Corporation (VINASHIN) decided in 2001 to newly build a large-scaled shipbuilding base, DZUNG QUAT shipyard with the designed capacity 100,000DWT at DZUNG QUAT industry zone in Quang Ngai Province, the investment of the first phase of which were planned to be over US$90 million. In January 2003, the Prime Minister’s Office of Vietnamese Government approved the project and on the 23rd of the same month, the Executive Vice Premier was present at the beginning ceremony of the shipyard. The first phase of the project has been finished by now and the second phase is going to be started soon.