Miracle of Song Cam: Vietnam builds the world’s first fully electric ship, records profits, with ‘mountains of money’ accounting for 40% of assets

Song Cam Shipbuilding Joint Stock Company (stock code SCY) recently unveiled the world’s first fully electric tugboat, named RSD-E 2513, at the Vietship 2025 exhibition. The vessel was designed and constructed by the Damen-Song Cam joint venture, and it has set a Guinness World Record for the “Strongest Electric Tugboat in the World.” RSD-E 2513 has a pulling power of 70 tons, can be fully charged in 2 hours, and is expected to reduce 465 tons of CO2 emissions annually, with operating costs only one-third of equivalent diesel boats. Song Cam Shipbuilding has achieved impressive profit growth, reaching 80.9 billion VND in 2024, thanks to increased revenue and reduced costs. The total assets of the company are 1,721 billion VND, with cash accounting for over 41%. Amid the financial crisis of its parent company, SBIC, Song Cam Shipbuilding continues to operate effectively and is not expected to be shut down as per the government plan. The company has a history dating back to 1959 and has maintained a long-term partnership with the Damen Group.