The yard will be built in Khanh Hoa province, according to Vietnamese deputy prime minister Hoang Trung Hai.
Samsung will invest $500m in the shipyard.
Oshima won a licence in 2012 to operate a $180m yard to build 24 ships per year of 38,000 dwt and 56,000 dwt, with a start date of 2017.
But delays over land clearance killed the deal.
