[2][3] The shipyards were funded on 3 June 1944 as a private limited liability company with a capital of 750,000$00 escudos as a part of a Portuguese government program to modernize the national fishing fleet.

They were founded by a group of technicians and workers from the shipyards of the port of Lisbon and two of the first investors were Vasco D'Orey and João Alves Cerqueira, from the cod fishing industry.

By 2013, due to ongoing financial difficulties, ENVC was declared in a difficult economic situation, leading to its eventual bankruptcy and liquidation.

[3][5] On December 20, 2013, MEP Ana Gomes filed a criminal complaint with the Attorney General's Office over the ENVC sub-concession to Ria/Martifer Energy, requesting the European Commission to suspend it.

On December 17, 2017, it was announced that, at the time of its formal dissolution, the Viana do Castelo Shipyards would report net losses exceeding €700 million.