Nippon Paint Marine is expanding its coatings production to Vietnam, in response to the growing market demand for its marine coatings, following Vietnamese government investment in the country’s shipbuilding sector.
Vietnam’s maritime industry has been declared a priority sector by the Vietnamese government and is on track to become one of the largest shipbuilding and ship repair hubs in Asia. The demand for marine coatings across both domestic and foreign shipping fleets that are dry-docked in Vietnam is projected to grow significantly over the next few years. Over the past two years, dry-dock capacity has doubled in response to demand shifting from China due to Covid-19 lockdowns, plus the growth of the country’s own domestic fleet.