Hyundai-backed HVS starts building new pier in central Vietnam for shipbuilding capacity expansion

HD Hyundai Vietnam Shipbuilding Co., Ltd. (HVS) has broken ground on a fourth pier at its shipyard in central Vietnam, marking a strategic expansion aimed at boosting output and reinforcing its position in the global shipbuilding industry.

HVS was founded in 1996 as a joint venture between South Korea’s HD Hyundai and Vietnam Shipbuilding Industry Corporation.

Speaking at the groundbreaking event on Wednesday in Dong Ninh Hoa ward, Khanh Hoa province, HVS’s CEO Jin Sang Ho said the new pier is designed to support the company’s long-term plan to scale up production capacity to 23 vessels annually.

The pier, stretching 280 meters with a total investment of about VND350 billion ($13.3 million), is scheduled for completion within 12 months. Once operational, the total quay length of the yard will increase to 1,630 meters, enhancing the facility’s ability to receive and service multiple vessels simultaneously.

The executive described the project as more than a routine infrastructure upgrade, noting it is the first port expansion undertaken by the yard in three decades since its establishment in Khanh Hoa.

The additional berth is expected to improve logistics efficiency by serving as both a docking area and a staging zone for materials, thereby streamlining production flows and increasing operational flexibility.

For 2026, the company plans to build 17 new ships and deliver 12 vessels, with total installation volume projected at nearly 160,000 tons.

HVS currently employs more than 5,000 workers. Under a new agreement between management and the trade union this year, the company will raise base salaries by 10% and provide performance bonuses of VND25 million ($950) per employee.

South Korea is currently one of the major investors in Khanh Hoa, with 27 projects primarily concentrated in the shipbuilding industry.