next article

Netherlands' Damen eyes Vietnamese shipbuilder: report
By Thanh Nien News -
 A file photo of Song Cam shipyard in the northern city of Hai Phong. Photo credit: Giao Thong
Vietnam's government has taken on shipyard group Damen's offer to buy a 70 percent stake in Hai Phong City-based shipbuilder Song Cam JSC, local media have reported.
A detailed plan for the sale is now is pending the Ministry of Transport's official approval, according to the ministry's news website Giao Thong.
State-owned Shipbuilding Industry Corporation (SBIC), the operator of Song Cam, has been partnered with the Netherlands' Damen Group for some time. 
The sale is part of an ongoing overhaul at SBIC since 2013, when it was restructured from the troubled Vinashin amid corruption and debt scandals.
Nine executives at Vinashin and its subsidiaries were jailed in 2012 for mishandling five business deals that caused total losses of over VND980 billion (US$43.52 million). Vietnamese authorities are still investigating into more wrongdoings at Vinashin, which had piled up debts of $4.5 billion by 2010.
Damen has reportedly offered to also buy a major stake in SBIC's Ha Long Shipyard in the northern province of Quang Ninh.