The recently opened Hyundai-Vinashin shipyard in the Khanh Hoa province of central Vietnam is a $140 million joint venture between South Korean giant Hyundai Mipo and the state-owned Vietnam Shipbuilding Industry Corporation (Vinashin). Hyundai, which put up all the money, has 70% equity and Vinashin the remaining 30%. The facility, which is now the largest fabrication yard in Vietnam, is currently only handling repair work but the joint venture has ambitious plans to move into vessel newbuilding, conversions and steel fabrication work in both the offshore and shipping sectors.