HD Hyundai to take over Doosan Vina project in central Vietnam

South Korea’s HD Hyundai Eco Vina is set to complete the acquisition of the Doosan Enerbility Vietnam (Doosan Vina) industrial complex in Quang Ngai province's Dung Quat Economic Zone by December 2025, a company executive said.

The $300 million industrial complex, built on 100 hectares on the central Vietnam coast, operates three plants to manufacture power plant equipment, port cranes, desalination plants, fired heaters, modules and steel structures, and offshore wind power products.

The acquisition plan was discussed during a meeting between Chairman of the Quang Ngai People's Committee Nguyen Hoang Giang and HD Hyundai Eco Vina CEO Seung Hyun Choi.

Choi told provincial leaders that the company is finalizing legal procedures related to the transfer.

Once completed, HD Hyundai Eco Vina will register an additional business line of manufacturing LNG and special gas tanks, adhering strictly to marine environmental standards.

Under the transfer, HD Hyundai will take over all existing assets, facilities, employees, financials, and ongoing projects of Doosan Vina, including contracts with current clients.

Choi proposed Quang Ngai authorities consider granting additional land for expansion and diversification of its business segments, especially in the environmentally-friendly shipbuilding industry.

Quang Ngai Chairman Giang said he welcomed the handover between Doosan Vina and HD Hyundai, praising the South Korean group’s global expertise in heavy industry, mechanical engineering, and energy.

“With its strong financial resources, advanced technology, and management capacity, HD Hyundai is expected to quickly generate effective operations and contribute positively to Quang Ngai’s socio-economic growth,” Giang said, adding that the province remains committed to supporting investors and ensuring a favorable business environment.

HD Hyundai Eco Vina plans to transform the site into a global hub for producing LNG tanks, port cranes and environmentally friendly ships.

To date, Doosan Vina has completed hundreds of projects with a total orders value of over $3 billion. Its “Made in Vietnam” equipment produced are present in 38 countries around the world.