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Ba Son Joint Stock Company, the unit behind Vietnam’s Molniya-class fast missile-attack ships, is a subsidiary of the Defense Ministry’s Defense Industry Department. Vietnam has launched and put into use 11 Molniya fast missile-attack ships built domestically. The class has an estimated displacement of about 560 tonnes and is equipped with up to 16 Uran-E anti-ship missiles with a range of around 130 km.
Ba Son (the Saigon Shipyard Joint Stock Company) is the only Vietnamese unit to have built high-tech missile-armed combat ships for the Navy. The shipyard traces its origins to the Thuy Xưởng (Chu Su Shipyard) established in 1791 under the Nguyen dynasty. In 1863, the French built the Arsenal de Saigon (Ba Son Workshop) on the old shipyard, transforming it into one of the region’s most modern shipyards at the time.
After 1975, Ba Son Yard was taken over by the Army and gradually developed into Ba Son Joint Stock Company under the Defense Industry Department of the Ministry of National Defense. Today, the company operates across military shipbuilding and civil ship work, mechanical engineering, structural industrial projects, logistics, and energy. In addition to defense-related activities, Ba Son builds and repairs civil ships, exports ships, constructs offshore platforms, fabricates ultra-large structures, manufactures wind turbine equipment, and provides logistics services.
Ba Son’s 2024 consolidated financial statements reported net revenue of 1,774 billion dong, up about 45% year-on-year. Gross profit was over 526 billion dong, while pre-tax profit was nearly 337 billion dong. After costs and taxes, the company recorded net profit of about 266 billion dong, up roughly 35% year-on-year.
At the end of 2024, total assets were over 8,245 billion dong. Equity was about 6,590 billion dong, representing roughly 80% of total capital. The company also held cash and cash equivalents of around 246 billion dong, while liabilities stood at about 1,656 billion dong.
In 2025, Ba Son’s business activity continued to grow. At the 2026 task deployment conference, the company reported revenue of over 1,577 billion dong, equivalent to 120.6% of the year’s plan. Average worker earnings were about 22.2 million dong per month. Defense Industry Department leaders said production and business targets were met and exceeded.
Ba Son’s factory covers nearly 96 hectares at the Phu My 2 Industrial Park plant, with integrated infrastructure, docks, and production lines. Including total factory area and yard space, the company’s footprint reaches around 120 hectares. The company employs more than 1,300 staff and owns over 1,000 pieces of technology equipment.
With this scale, Ba Son can build and repair more than 50 ships per year, fabricate over 20,000 tons of steel structures, and produce more than 10 million liters of industrial paint and ship coatings annually. The company’s quay system is about 700 meters long with depths from 8–15 meters. It also has a 4,500-ton ship lift and floating docks with load capacities of 2,000, 8,500, and 8,850 tons.
In recent years, Ba Son has expanded cooperation with domestic and international partners including Damen (Netherlands), Piriou (France), Austal Vietnam, PTSC, Vietsovpetro, Saigon Newport Corporation, and Trung Nam. The company reports expansion into markets in the Netherlands, France, and Norway, and has entered new fields such as offshore wind structures, industrial components, and logistics.
The crypto bear market remained in force on Wednesday, with bitcoin slipping back toward the $60,000 area. Sharp pullbacks in gold and oil also weighed on the 2025 “debasement trade,” which had supported hard assets amid concerns about government debt and fiat currencies. Meanwhile, tech—particularly the AI boom—continued…
