Vietnam has emerged as one of the new names among the world's top shipbuilding nations. As of mid-2008, Lloyd's Register-Fairplay had placed Vietnam sixth in the world with a 1.4% market share, behind Korea, China, Japan, Germany and the Philippines. It is an impressive feat for a country that had to build a shipbuilding infrastructure from scratch. State-owned Vietnam Shipbuilding Industry Corporation (Vinashin), formed in 1996, represents about 80% of the country's shipbuilding capacity. Initially, Vietnam's shipbuilding concentrated on building domestic tonnage, but has since attracted more sophisticated ship orders for export.
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