A fire erupted onboard the Sierra Leone-flagged bulk carrier Yong Shun in the morning hours of Thursday while the ship was underway about 6 nautical miles south of Vung Tau Vietnam.
The ship was en route from Hong Kong to Phu My, Vietnam, at the time of the incident, with an estimated 5000 tons of scrap onboard.
Fire was quickly put under control but is reportedly still on in cargo hold 3, as of the early morning hours of Friday.
An offshore tug has headed to the scene and a Coast Guard ship joined the rescue operation, dosing the vessel with water.
There were no reports of injury and the 18 crew members are reported safe.