The story
Shipbuilding Industry Corporation's predecessor Vietnam Shipbuilding Industry Group (Vinashin) was a state-owned shipbuilding firm in Vietnam. It was one of Vietnam's leading industrial concerns, and entered into a partnership with Damen, Kongsberg, and Hyundai. Vinashin was heavily indebted, and executives have been arrested for mismanagement, but it has been claimed that further restructuring would allow debts to be repaid within a year. Vinashin folded under a debt burden of $4.5 billion in 2010; as of March 2011, it was being restructured.
From Wikipedia’s article on Shipbuilding Industry Corporation, shared under CC BY-SA 4.0.4