HD Hyundai Vietnam Shipbuilding Expands Output
HD Hyundai Vietnam Shipbuilding, which accounts for about 70% of Vietnam’s total ship orders, is further solidifying its status as a global production base as it marks its 30th anniversary. Since opening in 1996 as the Korean shipbuilding industry’s first overseas operation, it has transformed from
HD Hyundai Vietnam Shipbuilding, which represents approximately 70% of Vietnam's total ship orders, is strengthening its global production base as it celebrates its 30th anniversary. Established in 1996 as the first overseas operation of the Korean shipbuilding industry, the shipyard has grown from a repair yard to Southeast Asia's largest newbuilding shipbuilder.
On October 15, HD Hyundai Vietnam Shipbuilding commemorated its 30th anniversary in Khanh Hoa Province, Vietnam, with an event attended by around 7,000 people, including employees and government officials. The anniversary marked the shipyard's vision for mid- to long-term growth, focusing on expanding production capacity.
Currently, the shipyard operates on a 1 million-square-meter site with two docks, one capable of building 400,000 DWT ships and the other 200,000 DWT. By 2030, the shipyard aims to build up to 23 ships annually and potentially 30 in the future. To achieve this expansion, HD Hyundai Vietnam Shipbuilding will invest $100 million, primarily in expanding docks and quay walls and increasing production facilities, aiming to maximize shipbuilding efficiency.
This strategic investment demonstrates HD Hyundai's determination to utilize its Vietnam base as a key production hub for medium-sized merchant ships, while domestic shipyards focus on high-value-added vessels. A solid institutional foundation supports the company's long-term operations. In April, HD Hyundai Vietnam Shipbuilding secured the lease extension for the production site for 20 more years, guaranteeing operations until 2066.
The shipyard's growth is also positively impacting the local economy. In 2022, the company generated about $674.33 million in revenue, accounting for 8.2% of Khanh Hoa Province's gross regional domestic product. Furthermore, HD Hyundai Vietnam Shipbuilding has created approximately 5,100 jobs, including in-house partner companies, maintaining strong connections with the local community.
As of September 2023, the shipyard has successfully built 207 ships, including 140 product carriers and 67 bulk carriers. HD Hyundai Vietnam Shipbuilding plays a significant role in the local shipbuilding industry, contributing more than 80% of Vietnam's total ship delivery performance. At the anniversary event, Ju Won-ho, President of HD Hyundai Heavy Industries, celebrated the past 30 years as a history of cooperation between the two countries.
To commemorate the occasion, HD Hyundai Vietnam Shipbuilding donated VND 500 million to Khanh Hoa Province as a regional development fund.
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