In a ruling with significant ramifications for foreign investors keen to buy into Vietnamese firms, prime minister Nguyen Tan Dung has allowed Shipbuilding Industry Corporation (SBIC) to sell 70% of Damen Song Cam Shipyard to the Netherlands’ Damen Shipyards Group.
SBIC, formerly known as Vinashin, had chosen Damen as the strategic investor for Song Cam Shipbuilding’s restructuring plan. Damen had tried to buy a 70% stake in the Haiphong-based yard in 2014, but local stock market rules limited foreign investors to a 49% holding.
