Samsung to Purchase Shares of Vinashin’s Subsidiary

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Korean Samsung Heavy Industry Company has been approved to buy 50% shares of a subsidiary of Vinashin Shipbuilding Corporation in Cam Ranh port. They are also considering for the purchase of Ha Long Shipbuilding Company’s shares.

Samsung is one of the most successful shipbuilding companies in Korea. It is not the first Korean company pouring money into the shipbuilding industry of Vietnam. Before Samsung, Huyndai Mipo Company had a successful joint-ventured project with Vinashin for many years. After the acquisition of Aker Kvaerner, STX Company is operating two shipyards in the Vietnam. According to Economist magazine, within the first 7 months in 2013, Korean shipbuilding orders’ total value was nearly 80% higher than China. It is considered that shipbuilding is a key export industry in this country.

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