Samsung steps in

South Korea's Samsung Group is taking over a new shipyard project in Vietnam after Oshima Shipbuilding of Japan pulled out.

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.