At noon on 1/7, at the newly inaugurated Alumax Boats factory located in Thuan Thanh Industrial Park, Bac Ninh, workers were welding the hull of a 6-meter canoe under the supervision of engineers from the Netherlands. This factory was announced as inaugurated this morning by a joint venture comprising Alumax Boats, Son Ha Group, and Vietnamese shipbuilding company James Boat.

A joint venture representative likened the current stage to "playing with Lego", assembling aluminum pieces cut according to design drawings. Ship production typically involves 4 stages: hull, engine, interior, and painting. Of these, painting is the most challenging stage. Yachts are luxury items, requiring a glossy finish similar to high-end cars, rather than just anti-corrosion properties found on many current Vietnamese vessels.

Alumax Boats is a technology enterprise specializing in aluminum shipbuilding, having supplied water taxis for the 2012 London Olympics. They first supplied vessels to Vietnam in 2021, during the Covid-19 period, in cooperation with James Boat.

Within the joint venture, Alumax Boats holds the core technology for producing high-performance aluminum vessels. Son Ha Group is a strategic shareholder, contributing industrial production capacity, management experience, and financial potential. James Boat, headquartered in Ha Noi, acts as the technology bridge.

The two shipbuilding entities collaborate on design, with models transferred for Son Ha Group's personnel to produce at their workshop. By utilizing existing technology, workshops, and personnel, Mr. Nguyen Kim Son, Chairman of the Board of Directors of James Boat and also Chairman of the Board of Directors of Alumax Amsterdam, stated that their initial investment was only about 2 million USD, primarily for machinery and equipment.

Mr. Remko Hendrik, co-founder and owner of the company, stated that this is their first factory outside the Netherlands.

Model of a personal yacht by the Alumax Amsterdam joint venture. *Source: Alumax Amsterdam*

Tourism canoes and yachts are this unit's main products, alongside public service vessels and fishing boats. Leaders of Alumax Amsterdam stated they observe significant demand for catamaran party yachts, an open-space party yacht type with a capacity of 30-50 people. Characterized by parties, this type of yacht is often equipped with a music system, dining area, bar, bedrooms, and spacious areas for party-goers to enjoy sea views.

"This is identified as one of the strategic products aimed at anticipating the trend of marine tourism development in Vietnam and the region," a company representative said. This year, they will produce ba yachts ranging from 6,5 to 16,5 meters in length. They currently have orders for public service vessels and yachts, totaling 20 million USD.

Regarding pricing, Mr. Kim Son noted that manufacturing in Vietnam would help reduce yacht selling prices by 40% compared to purchasing from abroad, thanks to a 30% reduction in special consumption tax and a 10% reduction in import duty.

Additionally, aluminum is a lightweight material, contributing to fuel efficiency. When a vessel has been used for 40-50 years, at the end of its lifecycle, this material boasts superior recyclability compared to steel and composite materials currently prevalent in Vietnam.

According to the International Aluminum Institute (IAI), aluminum is one of the most highly recyclable materials globally, with a recycling rate of nearly 100%. This process is particularly efficient, consuming only 5% of the energy required for producing new aluminum from bauxite ore. For aluminum cans specifically, the actual global recycling rate reaches approximately 76%.

However, Mr. Kim Son stated that few shipbuilding companies in Vietnam apply aluminum vessel technology. This is because the material technology is inherently challenging due to aluminum's electrolytic corrosion property, meaning it oxidizes rapidly upon contact with other metals. Therefore, the aluminum vessel market in Vietnam is currently wide open for them, especially as the maritime industry faces pressure to reduce emissions, aiming for net zero emissions by 2050.

Thuy Truong